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MOSCOW, August 12. /TASS/. The devaluation of the Chinese yuan will contribute to the Russian currency’s appreciation in the medium term, Russia’s Central Bank said in a statement on Wednesday.
China’s central bank moved on Tuesday to devalue the yuan against the US dollar amid the slowing growth of the world’s second largest economy. The move was also aimed at boosting China’s flagging exports.
"In the medium-term perspective, the yuan devaluation can be expected to contribute to the growth of China’s exports and economic growth recovery. Finally, this will have a positive effect on the prices of global raw materials, including oil, which will facilitate the ruble’s strengthening," the Russian Central Bank said.
China’s yuan devaluation will have no direct material effect on the Russian financial market and the ruble dynamics, the Central Bank of Russia said.
"The volume of transactions with the yuan on the domestic foreign exchange market is extremely small compared with the volume of deals with the US dollar and the euro, for example," the Russian regulator said.