The Central Bank of Russia has very limited liquid reserves. It could not do much itself to support the ruble if export earnings collapse, but it could try to tap Russia's "shadow reserves".
Fascinating! I wonder whether Trump’s promised tariffs — which will hurt the U.S. asymmetrically, even as they hurt China — will prevent renminbi from flowing out of the Celestial Empire.
Fascinating! I wonder whether Trump’s promised tariffs — which will hurt the U.S. asymmetrically, even as they hurt China — will prevent renminbi from flowing out of the Celestial Empire.