Nabiullina calls a step back focus on China's experience

© Photo: Maria Novoselova/Vestnik Kavkaza

The Central Bank is skeptical about the idea of following China’s experience in strictly regulating financial markets. The head of the Central Bank explained why Chinese practices are not suitable for Russia.

The head of the Central Bank commented on the proposal to actively adopt the experience of China in the economic sphere. Elvira Nabiullina is skeptical about this idea, explaining that this would mean going backwards.

She recalled that in China, the exchange rate of the national currency, the yuan, is controlled, there are multiple rates in the country, and certain restrictions are imposed on the movement of capital.

“But whoever suggests we use it, probably, forgets that China has been trying to liberalize the movement of capital, financial markets, and so on for several decades - two decades at least. I don’t understand why we should move backwards,”

– Elvira Nabiullina said.