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Topic: Russia's imports of Chinese goods jump 20% to support the ruble against the US dollar |
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snow
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Russia's imports of Chinese goods jump 20% to support the ruble against the US dollar
In July, Russia zlotxo netimported US$6.7 billion of Chinese goods, up 20 percent, while China's exports to Russia showed positive for the first time in three months.
On August 9, 2022, Business Insider reported that in July the past Russia imported as much as 6.7 billion US dollars in goods from China, or 20% year-on-year growth. Fill a gap in the market After Western partners stopped trading with Russia cause of war
Data from the Chinese customs office indicates that in july Russia imported Chinese goods at a rate similar to the pre-Russian invasion of Ukraine. In particular, automobile products from manufacturers such as Great Wall Motors (GWM) and Geely Automobile Holdings (GAH) were Russia's top sellers. Sales of both companies in Russia have grown exponentially.
The increase in trade volume between the two countries has also boosted the RMB and Ruble exchange market. By the past July The yuan and ruble traded volumes rose to record levels.
However, before the war with Ukraine Rising commodity prices and falling imports strengthened the ruble. But when imports from China poured into Russia increased. thus reducing the pressure on the Russian currency.
The Bank of Russia has announced a reduction in the benchmark interest rate and easing of foreign exchange controls. And as a result, the ruble against the US dollar weakened 13%, while the Chinese yuan against the US dollar has been depreciating for a long time since October 2018. This year, it has depreciated 5%.
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