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

The depreciation of the ruble is beneficial to China’s strategic oil reserves, but it may have a negative impact on China’s exports.

On the one hand, China is a major oil consumer with a foreign dependence rate of over 58%. The decline in international crude oil prices is conducive to oil imports and strategic oil reserves. In addition, the decline in international oil prices can also reduce overall energy costs, delay imported inflation pressure, increase residents' real purchasing power, and help increase consumption and improve corporate profits. Falling oil prices have given the Chinese government more room to support resource price reforms.

On the other hand, the depreciation of the ruble and the slowdown of the Russian economy have adversely affected China's exports. From a "volume" perspective, the downturn in the Russian economy will directly affect my country's exports to Russia. Based on October 2014 data, exports to Russia accounted for approximately 2.3% of my country's total exports. However, the decline in oil prices is beneficial to other energy sources. Importing countries will have some hedging, so the overall impact on export volume will be limited.