There is no way for the ruble to depreciate. This is news. The Russian central bank decided to make major adjustments to the current exchange rate policy. The specific contents include three aspects: first, expand the floating range of ruble against basket currency, and relax the floating range of ruble against basket currency from 3 rubles to 4 rubles, that is, relax the upper and lower limits of the floating range by 0.5 rubles respectively; The second is to reduce the government's intervention in the foreign exchange market, reduce the restrictions on relaxing the floating range, and reduce the conditions for continuously buying or selling 700 million US dollars to expand the floating range to 650 million US dollars. The third is to cancel the quota range (26-4 1 ruble) implemented in June 2009. This restriction is a temporary measure taken by the Russian government to cope with the global financial crisis. Since 2005, the Russian government has implemented a managed floating exchange rate system for the ruble. The specific arrangement is "pegged to the currency basket+floating range". The currency basket of the ruble exchange rate consists of USD and EUR, of which USD accounts for 55% and EUR accounts for 45%. The Russian central bank set a daily fluctuation range for the exchange rate of the ruble against a basket of currencies. Once the ruble exchange rate fluctuates near the upper or lower limit of the range, the Russian central bank will enter the foreign exchange market and intervene by buying or selling dollars. On June 5438+ 10, 2009, as one of the anti-crisis policy measures, the Russian central bank stipulated the limit range of ruble against a basket of currencies, that is, 26-4 1 ruble. Different from the "shock" economic reform adopted by the former Soviet Union, Russia's exchange rate system reform has gone through a complicated and tortuous process. 1992 65438+ 10, the Moscow foreign exchange exchange exchange (Micex) was formally established, which was the first foreign exchange exchange exchange in Russia and formed a unified exchange rate of the ruble against the US dollar on its trading platform. 1In July 1995, Russia decided to implement the "exchange rate corridor" system. The so-called "exchange rate corridor" means that the central bank sets the core exchange rate of the ruble against the US dollar and sets the upper and lower limits at which the core exchange rate can float. In essence, the "exchange rate corridor" is an institutional arrangement of "pegged to the core exchange rate+floating range". 1997- 1998, during the Asian financial crisis [3.50 0.00%], in order to further improve the "exchange rate corridor" system, the Russian central bank decided to determine the core exchange rate between the ruble and the US dollar as the official exchange rate announced by the central bank every day according to the supply and demand situation of the foreign exchange market, the inflation rate and the balance of payments. It also stipulates that the upper and lower limits of the free floating of the ruble exchange rate shall not exceed 65438+ 0.5% of the core exchange rate. In order to achieve this arrangement, the Russian central bank has stepped up its intervention in the foreign exchange market to balance market supply and demand. In February 2005, Russia introduced a currency basket and announced the implementation of a managed floating exchange rate system. Its essence is "pegged to the currency basket+floating range", and this institutional arrangement continues to this day. At first, the currency basket was composed of 90% US dollars and 65,438+00% Euro. Later, the proportion of the euro in the currency basket continued to increase. After 2007, Russia's currency basket was composed of 55% dollars and 45% euros. Under this institutional arrangement, the exchange rate of ruble against the currency basket is determined by the relationship between supply and demand in the foreign exchange market; The floating range is determined by the Russian central bank. When the market exchange rate of the ruble against the currency basket approaches the lower limit or the lower limit of the floating range, the Russian central bank will enter the foreign exchange market and intervene by buying or selling dollars. At that time, the Russian Central Bank also stipulated that once the US dollars bought or sold continuously exceeded 700 million US dollars, the upper or lower limit of the floating range would be expanded by 0.05 rubles. In September 2008, the global financial crisis broke out, and the ruble exchange rate depreciated sharply, with a drop of more than 50%. In order to stabilize the exchange rate of ruble against a basket of currencies, in June, 2009, 5438+ 10, the Russian central bank stipulated that the limit range of ruble against a basket of currencies was 26 rubles -4 1 ruble, and the exchange rate fluctuation should not exceed this range. In this larger floating range, the Russian central bank has set three smaller floating ranges, namely the upper limit, the median and the lower limit (2-3 rubles each). If the market exchange rate of the ruble against the currency basket enters the upper or lower limit of the restricted range, the Russian central bank will intervene in the ruble exchange rate by buying or selling dollars in the foreign exchange market; If the market exchange rate of the ruble against the currency basket is in the middle of the range, the central bank will not intervene.