CBR: the weakening of the yuan did not significantly affect the dynamics of the ruble – RIA Novosti

MOSCOW, August 12 – RIA Novosti / Prime. The weakening of the yuan does not directly have a significant impact on the situation on the financial market of Russia and the dynamics of the ruble, but in the medium term would contribute to its strengthening, RIA Novosti reported in the Bank Russia.

The People’s Bank of China on Tuesday fell by 1.9% official rate of the yuan to the dollar, and on Wednesday lowered the rate by another 1.6% to the level of 6.3306 yuan per dollar. Central Bank noted that the measure was a one-time, adding that will maintain the stability of the yuan to the “rational” level and will strengthen the role of the market in determining the fixing.

“Directly devaluation of the yuan will not have a significant impact on the situation on the Russian financial market and the dynamics of exchange rate: the volume of transactions in yuan in the domestic foreign exchange market is extremely insignificant when compared, for example, with the volume of transactions with the US dollar or the euro “, – stressed the Bank of Russia.

At the same time, the Central Bank believes that “in the medium term, we can expect that the weakening of the yuan will boost Chinese exports and revive economic growth. This is the ultimate beneficial impact on global commodity prices, including oil, will contribute to the strengthening of the ruble “.