Foreign Trade Information: Ruble Plummets To Alert Russian Traders To Exchange Rate Risk

Since the outbreak of the conflict between Russia and Ukraine on February 24, the Russian Ruble has been falling continuously. On February 24, the exchange rate of the Russian Ruble against the US dollar fell to 1:86, the lowest since January 2016. The ruble fell to 1: 99.99 against the euro, the lowest since December 2014. But this is just the beginning. At 15:30 p.m. on February 28, Beijing time, the exchange rate of the ruble against the US dollar fell to 109 rubles to 1 US dollar, a drop of more than 30%, which far exceeded the important psychological threshold of 1 US dollar against 100 rubles, setting a new historical record again.

　　 According to the Internet, house prices in Russia are one price a day. Some overseas Chinese in Russia said that the car ordered a few days ago was not willing to sell it after it arrived for 4 seconds. The reason is that if you sell it, you will lose money. The overseas Chinese turned to buy real estate. The original property of more than 50 million rubles has risen to more than 60 million, and many customers are still waiting in line to see the house, so they can only buy it quickly. The overseas Chinese said that with the ruble in hand, a lot of evaporation will occur when you wake up from sleep. It is better to exchange assets for quality assurance.

On February 28, Russia's central bank raised its benchmark interest rate from 9.5% to 20%. According to a statement issued by the Central Bank of Russia, the external environment of the Russian economy has changed greatly, and the increase of key interest rates is aimed at maintaining financial and price stability and protecting citizens' savings from currency devaluation. After the Central Bank of Russia took measures to increase interest rates, the exchange rate of the US dollar against the ruble declined, reaching 94.6 at the latest closing point, and the withdrawal rate reached 13%.

But Russian residents have started queuing up at ATMs to withdraw foreign exchange in case the rouble continues to plummet.

Therefore, in the field of foreign trade, many Russian customers come to ask whether they can change to RMB payment; On the other hand, many Ukrainian customers have suspended their orders, and many customers in Eastern Europe (such as Poland) have also been affected.