by Jason Simpkins, Outsider Club:
It looks like Vladimir Putin’s overtures to China are paying off.
Two Chinese officials have offered to help Russia stabilize its currency following the ruble’s precipitous decline last week.
“If the Russian side needs, we will provide necessary assistance within our capacity,” said Chinese Foreign Minister Wang Yi.
For now, the situation seems to be under control, as Russia has taken drastic action to brace the ruble’s slide. The central bank raised its key interest rate all the way to 17% and announced it would sell of $7 billion in foreign currency.
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