The collapse of the currency has caused damage to Chinese exporters.
Chinese companies supplying various consumer goods to Russia have begun to stop sales on e-commerce platforms due to the collapse of the ruble.
This is reported by the China Morning Post.
The fall of the Russian currency to its lowest since March 2022 has worried Chinese entrepreneurs, especially those who trade in rubles.
China has become Russia's largest trading partner and the main supplier of consumer goods instead of the departed Western companies. According to customs data, $10-11 billion worth of goods are imported into Russia from China every month – twice as much as before the war.
More than 50% of goods on e-commerce platforms come from China. However, the collapse of the ruble has already caused serious damage to Chinese exporters.
The dollar exchange rate in Russia has risen: what is known
On Wednesday, November 27, the Russian ruble continued to decline against the dollar and the Chinese yuan. Since the beginning of August, the rate has fallen by at least 24%, and this trend continues.
As of 15:45, the dollar exchange rate reached 114.5 rubles, the euro – 120.6 rubles. The last time such a level was in mid-March 2022, when the first sanctions were introduced against Russia due to the start of a full-scale war against Ukraine.
The decline of the ruble is aggravated by a more than 20% drop in the stock market this year. Investors are actively withdrawing funds from stocks, preferring deposits with interest rates exceeding the Central Bank's base rate, set at 21%.
This situation exacerbates inflation, which is likely to exceed the regulator's forecasts. This is at odds with the Central Bank's tight monetary policy, with its base rate at its highest since 2003.
The ruble's position has worsened amid new sanctions against the Russian financial sector, which have complicated foreign trade transactions, especially for oil and gas. This, experts say, has led to a shortage of foreign currency on the domestic market.
