Chinese companies face problems due to ruble exchange rate
The fall in the Russian ruble is putting pressure on Chinese e-commerce sellers.
Chinese companies are facing difficulties due to the sharp fall in the Russian currency.
This was reported by the South China Morning Post, citing industry sources.
Devaluation of the Russian ruble
The sharp depreciation of the Russian ruble and expectations of devaluation have raised concerns among China's exporters.
According to the People's Bank of China, the yuan-to-ruble exchange rate rose from 1 yuan to 14.91 rubles in the last days of November.
On the one hand, the ruble's depreciation has led to a sharp rise in domestic commodity prices, said Andy Guo, founder of Waimaojia, a WeChat business platform. On the other hand, exchange rate fluctuations are eroding Chinese merchants' post-settlement profits.
The impact of the weakening ruble will be felt mainly by e-commerce platforms that sell goods for rubles and enterprises in the Russian Federation.
Chinese businesses do not plan to abandon the Russian market, but they are taking into account the risks that are making traders hesitate.
