With the increase of sanctions, enterprises withdrew from Russia and investors sold Russian assets. In the first two weeks after the Russian conflict, the ruble plummeted by 33%, but then the Russian central bank took a series of actions, including capital management, to prevent funds from flowing out of Russia. In addition, Russia began to demand the establishment of rubles for natural gas exports, but some regions refused to do so. Wells Fargo said that the recent exchange rate appreciation is a sign that capital management may begin to play a role. He said: The purpose of capital management is to keep the US dollar in Russia and at the same time limit the exchange of the ruble against the US dollar.

For the first time since March, the exchange rate of the US dollar against the ruble fell below 92. What is the reason for this phenomenon? Because of the Russian-Ukrainian war. During the 35 years from 1985 to 2020, China's broad money M2 increased by 420 times. If you have a deposit of 10000 yuan at 1985, congratulations, you will be a rich man by then. If you deposit this bank account today, I'm sorry, but you may have changed from 10,000 yuan to a poor household. Now Europe, America and the United States are imposing economic sanctions on Russia, causing the ruble to dive. As the ruble continues to depreciate, Russian importers have to pay more local currency when implementing the trade contracts signed in the early stage.

Therefore, the delay and breach of contract of Russian importers in bilateral trade are also increasing. The higher the degree of currency depreciation, the greater the damage to Russian importers, and the lower the willingness and ability to pay for goods, which may pass on the losses to China's export enterprises. When the currency of the importing country depreciates sharply, it often leads to a high incidence of buyer's default. A person from Guangdong Branch of China Export Credit Insurance Corporation said that due to the delay in payment by the Russian buyer company, a number of policyholders have reported the loss to China Export Credit Insurance Corporation, and the accumulated losses have reached millions of dollars.

Northeast China has always been a prosperous place for Sino-Russian trade, but the ruble that traders say can't stop at all can't form a stable exchange rate expectation, which makes the northeast export enterprises to Russia at a loss. If the ruble cannot be sold, the value of the ruble will be supported and the exchange rate of the ruble will be stabilized under the huge selling pressure. The balance of payments is a comparison between the total monetary income of one country and the total monetary expenditure paid to another country. If the total monetary income is greater than the total expenditure, there will be a surplus in the balance of payments; On the contrary, there is a deficit in the balance of payments. The balance of payments directly affects a country's exchange rate. When there is a surplus in the balance of payments, the foreign exchange rate of the country's currency rises, while the exchange rate of the country's currency falls.