Russia ally China tries to protect itself from the ruble’s collapse by letting it fall more against the yuan

In a new exchange rule, China is seeking to protect itself from big moves in the Russian ruble. Beijing said it would double the margin size by which the ruble can move against the yuan. That means China doesn’t have to subsidize Russian buyers purchasing Chinese goods. The ruble is down 40% against the US dollar this year and is now worth less than a penny. The widespread sanctions — targeting Russian banks, billionaires, oil, and even crypto — came after Putin’s military launched a full-scale invasion of Ukraine last month. Western companies have even joined the fight by pulling out of Russia in response to the Ukraine response. But China hasn’t imposed its own own sanctions and has largely steered clear of the attack and criticized the attack. . . .