What impact will the depreciation of the ruble have on China?

The depreciation of the ruble has the following impacts on China:

1. Economic and trade aspects

The export trade volume has declined, the price advantage of domestic goods has been lost, and the cost of imports has been reduced. Best time for Russian supplies.

2. Tourism

Russians rarely travel to China due to the depreciation of the ruble. Many Chinese are very interested in traveling to Russia for shopping.

The ruble was originally the monetary unit of Tsarist Russia. The price comparison with gold began to be established in 1800. The gold content of ruble banknotes in 1897 was 0.774234 grams. From 1922 to 1924, the Soviet Union carried out currency reforms. In January 1961, currency reform was implemented again. The gold content of the ruble was set at 0.987412 grams, and the exchange rate against the US dollar was set at 0.9 rubles per US dollar. This exchange rate has not changed significantly in the past 30 years. On October 28, 1989, the Soviet Union announced the implementation of dual exchange rates.

On November 1, 1990, the official exchange rate of the ruble depreciated significantly for the first time in 30 years, from 1 US dollar to 0.6 rubles to 1 US dollar to 1.80 rubles. On December 25, 1991, the Soviet Union collapsed and the ruble became Russia's standard currency unit. After independence, some of the other member countries of the former Soviet Union issued their own national currencies, while others still used the ruble. In July 1993, the Russian government announced that the ruble banknotes issued from 1961 to 1992 would cease circulation and a new version of rubles would be issued at the same time. On November 25, 1994, the official exchange rate of the ruble was 3,235 rubles per US dollar.

In the former Soviet Union, the currency value of the ruble was as high as 2 US dollars. However, after the disintegration of the Soviet Union, inflation was very rapid, and the currency value of the ruble dropped sharply, reaching a minimum of 1,400 rubles per US dollar. Russia began to issue new rubles in 1994. After Putin was elected president, he implemented the policy of controlling inflation. The new rubles have reached nearly 26 rubles per US dollar.

In order to make the ruble one of the international currencies, Russia decided to choose an exclusive logo for the ruble in 2006. On July 1 of the same year, the ruble became a freely convertible currency. On October 30, 2013, to commemorate the 2014 Sochi Winter Olympics, Russia issued the "2014 Sochi Winter Olympics" commemorative banknote. This was also the first time in Russian history that a commemorative banknote was issued.

The editing time of this article is 2022-3-10.