Chinese companies are feeling the chill from the rouble crisis, with automobile and food trading firms aching the most. Automaker Zhejiang Geely Holding Group Co has started to increase the prices of its vehicles in Russia to offset losses from depreciation of the rouble, company spokesman Yang Xueliang told China Daily on Thursday.
In tune with the changes in the international environment, China and African countries are, within the framework of the Forum on China-Africa Cooperation (FOCAC), continuing to deepen the new type of China-Africa strategic partnership, vigorously advancing economic and trade cooperation, and actively exploring a common path that reflects both China's and Africa's realities.
The People's Bank of China (PBOC), China's central bank, has signed a currency swap agreement worth 150 billion yuan (24.4 billion U.S. dollars) with the Russian central bank.The agreement lasts for three years and can be extended if both sides agree, the PBOC said on Monday in a statement on its website.
For continuous devaluation of the yuan recently, HSBC, Standard Chartered and Societe Generale Bank and a number of agencies analysis, this decline has obvious signs of the Chinese People's Bank of intervention, aimed at preventing the recent fluctuation of RMB arbitrage inflows. Such as short-term capital inflows weakened, devaluation may stop.