The devaluation of the yuan will not have a direct impact on the Russian ruble and financial markets, the Russian Central Bank said.
"The decision of the Chinese authorities will not have a strong impact on the Russian market and the Russian ruble, because the volume of transactions in yuan on the domestic foreign exchange market is extremely insignificant when compared, for example, with the volume of transactions with the US dollar or the euro," RIA Novosti cited the regulator.
The Russian Bank believes that “in the medium term, we can expect that the weakening of the yuan will boost Chinese exports and revive economic growth".
Yesterday, People’s Bank of China changed lowered the yuan official rate by 1.9% to 6.3306 yuan per dollar. The regulator said that the measure was a one-time, adding that it will maintain the stability of the yuan to the “rational” level.
