Posted on 08/15/2024 8:41:11 AM PDT by marcusmaximus
Russian companies that do business with China have encountered more headwinds in recent days as Chinese banks raised the yuan-ruble exchange rate to capitalize on their neighbor's weakened currency.
While the yuan currently buys 12.07 rubles at the Russian central bank's exchange rate, Chinese banks are selling the currency at 13 rubles per yuan, charging a premium over the Russian central bank rate of 12.07 rubles, the Moscow Times reported on Thursday.
-snip-
Chinese banks are not the first to profit from the ruble's plight. Mongolia and Turkey have for some time converted rubles into yuan several percentage points above market rates. "Everyone takes advantage of the opportunity to make money on our difficult situation," an analyst at Moscow-based investment banking firm Sberbank CIB told the news outlet.
(Excerpt) Read more at newsweek.com ...
Next stop Siberia.
Bend over Putin your friend is here
China raised the rates in response to the economic situation. As you say, EVERY market moves to make a profit. This is no different. Assigning an “ill intent” means that the writer doesn’t understand markets; even Chinese ones.
“Everyone takes advantage of the opportunity to make money on our difficult situation”
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Of course they do - you created the situation, now soak in it.
The New York Times writes that victory for Putin is now "definitely within reach."
"His [Putin's] latest peace proposal, under which Russia retains the occupied territories and Ukraine is banned from joining NATO, has been rejected by many Western leaders. However, in fact, this is the most realistic scenario for how this war will end," the newspaper writes.
That’s not to mention the grudgingly rosy picture it paints of Russia’s economic outlook:
Nor has the West managed to cut off the sources of Russia’s economic might, despite rounds of sanctions. The economy is growing healthily, and the assets of Russian oligarchs remain safe in the West, even if frozen. Most important, Russian oil is being bought and sold with minimal difficulty around the world as Western leaders can’t seem to decide what they want more: to meaningfully punish Russia or keep things as they are. Tellingly, the U.S. Treasury’s proposal to impose penalties on tankers that help Russian oil evade sanctions has stalled over the White House’s fear that higher gasoline prices won’t play well at the polls in November.
Just because neither of these countries are friends of the US doesn’t mean that they’re friends to each other. Word has it that China would like some of the far eastern Russia territory.
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