Sanctions levied in response to Russian president Vladimir Putin’s invasion of Ukraine have dealt a devastating blow to his country’s financial system and left the rouble down more than 30 per cent this year, sending ripples across currencies in eastern Europe.
But the renminbi, the currency of Russia’s closest strategic ally and top trading partner, has remained conspicuously stable.
China’s currency has barely budged since Russia’s invasion began, even touching a four-year high of about Rmb6.31 against the dollar, extending a months-long run of resilience despite a recent slowdown in the growth of China’s economy.
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