Wed Nov 27 08:40:00 UTC 2024: ## Ruble Weakens Against Yuan, Further Decline Predicted

**MOSCOW** – The Russian ruble is expected to weaken further against the yuan in the coming days, potentially reaching a rate of 15-15.2 rubles per yuan, according to Evgeny Loktyukhov, head of economic and industry analysis at Promsvyazbank (PSB). This prediction follows a period of high volatility in the currency market, driven by a combination of factors.

The current imbalance between supply and demand, with increased demand outweighing supply, is primarily attributed to ongoing sanctions against Russian banks, including the recent addition of Gazprombank to the US sanctions list. This has restricted the flow of foreign currency from exporters. The upcoming tax payments this Thursday are unlikely to significantly improve the situation, according to Loktyukhov.

Furthermore, persistent geopolitical concerns and robust import demand are putting upward pressure on the ruble exchange rate. The absence of central bank intervention is exacerbating the situation. While technically overheated, the market’s current momentum suggests a potential move towards the 15-15.2 ruble per yuan range in the short term.

Loktyukhov’s assessment, provided to Interfax, is for informational purposes only and should not be considered investment advice. The ruble’s recent decline has brought it to a more than two-year low.

Read More