Russians shrug at the thought of a 3 per cent currency devaluation, such as the renminbi experienced last week. After all, the rouble experiences similar swings almost daily.
But as Russia puts ever greater weight on its ties with China as part of President Vladimir Putin’s strategy of “pivoting to Asia”, the slowdown in the Chinese economy is not so easy to shrug off.
Russia this month reported that its recession deepened in the second quarter, with the economy contracting 4.6 per cent year on year.
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