August 13th, 2015
PolitRussia – translated by Soviet Bear
“The devaluation of the
Chinese yuan is good for the Russian
economy and in the long term will lead to the
of the ruble” – said financial analyst, asset Manager of the
company “Spektr invest” Andrey Esin in an interview to RT
The expert noted that many Chinese companies
are working with Russian raw materials, so the intensification of production in
the PRC, in his estimation, will inevitably cause an increase in the volume of supplies.
“The weakening of the yuan increases the export
revenue of China, and the whole economy of that country is based on this. If
the export revenue increases, China will begin to expand production. (…) If
the PRC will increase production that will involve more of our raw materials,
our commodity companies will start to sell more, and this contributes to the
strengthening of the ruble,” — said Esin.
Beijing after a series of poor economic data
has devalued the Chinese currency by 1.9% against the U.S. dollar, which
provided a higher competitiveness of Chinese products on the world market.
Meanwhile, today, 12 August, it became known that the people’s Bank of China
decided to drop the price by a further 1.6%.
Earlier Tuesday, one of the candidates for US president from
the Republican, Party Donald Trump, in an interview with CNN said that the
devaluation of the Chinese yuan “destroys” the American economy.