News

Russia says Chinese stock fall is unlikely to cause economic instability

UFA, Russia – Russia says it does not expect to feel economic instability due to the sharp fall in Chinese stock markets.

Hundreds of Chinese companies have suspended trading as their shares plummet in value, with the benchmark Shanghai Composite Index down by more than 30 per cent since early June.

Russia has sought a major expansion of trade links with China in recent years. Still, Russian Economic Development Minister Anton Siluanov said he expected “no catastrophes” for Russia as a result of the Chinese stock slide, saying the effect so far was “minimal.”

Siluanov did say it had caused further pressure on the Russian ruble, which has lost over 10 per cent of its value against the dollar in the last two months.

Chinese President Xi Jinping arrived Wednesday in Ufa for trade summits.