Second, Russia obtains foreign exchange to protect the liquidity of banks. Russia has purchased 3.5 billion rubles of foreign exchange in the Russian domestic foreign exchange market, and a total of 2 122 billion rubles of foreign exchange will be included in the Russian reserve fund. This news also triggered a sharp drop in the exchange rate of the ruble.
Third, the Russian central bank has no intention of supporting the ruble. Unlike many emerging market countries, the Russian central bank has never expressed its support for the ruble. In fact, more Russians want to see their currency depreciate, because they can earn more rubles from energy exports (mainly to EU countries).
Fourth, the Ukrainian crisis has intensified market risk sentiment. As medium-sized countries sandwiched between two superpowers, the European Union, Russia and Ukraine have been unable to solve the fundamental problem of pro-Europe or pro-hunger for more than 20 years after the disintegration of the Soviet Union.
Russia, the European Union and the West gradually changed from initial invisibility to direct intervention. They are all using their agents in Ukraine to strive for a favorable situation, making this crisis not only happen in Ukraine, but also become a "new cold war" in the core region of Europe and Asia. This is obviously not good news for the capital market, and a considerable number of investors have begun to flee Russia.
The influence of ruble devaluation on Russia today.
From the perspective of import and export trade, the depreciation of Chinese and Italian currencies has a great impact on the Russian economy. In the domestic market, the price of imported goods calculated by rubles will rise sharply, creating good competition conditions for domestic products. In the international market, the price of Russian products denominated in dollars has dropped sharply, but the market competitiveness has improved.
Russia's own resources are very rich, and there are not many things imported. Nothing is a bottleneck, and there is no shortage of resources and food. Then all kinds of western embargoes are useless. Russia has nothing to import, but it is more convenient to export. In any case, Russia is a trade exporter and generates tens of billions of dollars in foreign exchange inflows every year.
Of course, Russia is also facing the problem of foreign exchange outflow. For example, Russians spend more than $35 billion from overseas travel every year, but the impact is not as great as expected. Russia's foreign exchange reserves are still growing, and the outflow of Russia and funds caused by financial speculation no longer exists.
In 20 14, the financial war initiated by the west was really successful. At the same time, a large number of western funds have withdrawn from the Russian financial market. However, after 20 14, the ruble depreciated sharply and once had an appreciation trend. Now Russia maintains a certain rate of currency depreciation. So as to stimulate the development of domestic industries and reduce financial pressure. As far as finance is concerned, Russia is far from a fiasco, but now it is a little worried about the appreciation of the ruble, and the west is in a helpless state.