Economist explains why the Central Bank will not support the “Chinese membrane” for the ruble 17:24

It is unlikely that the Central Bank will agree to the creation of a “Chinese membrane” to regulate the ruble exchange rate in Russia. Such a move could undermine the regulator’s efforts to create a unified payments space. explained Economist Denis Raksha in an interview with NSN.

The idea of ​​​​introducing the Chinese model was previously proposed by the head of the Ministry of Economic Development Maxim Reshetnikov. He explained that with this approach, “a kind of membrane” is created between the parts of the financial system. According to him, this approach will make it possible to track how many rubles are circulating abroad.

“Reshetnikov can, of course, discuss his great ideas with the Central Bank, but this is unlikely to lead to anything. “He can discuss anything with anyone, but the Central Bank is unlikely to accept this plan because it undermines the Central Bank’s efforts to create a single payment area,” he said.

The economist reminded that in addition to the two yuan exchange rate in China, there is also a ban on the export of the national currency from the country. But with this approach, Russia will have to limit payments in rubles even to banks in friendly countries, and this is exactly what the country’s authorities are fighting for.

“I am not sure that the Chinese mechanism can be applied in our case because China does not have a common payment area with other countries. It has Hong Kong as a transit point, but conditional Armenia, Kyrgyzstan and Kazakhstan are not,” the expert explained.

Let us remind you that Reshetnikov said: statedHe stated that the Russian government should start monitoring the movement of the ruble abroad and emphasized that there is no such monitoring at the moment.

Also head of department convincedStrengthening the ruble requires a broader set of measures than forcing exporters to sell their foreign exchange earnings.