As we all know, Mongolia is a country rich in resources, with a vast territory and a sparse population, especially rich in mineral resources. In 20 14, the largest export volume of this country was copper, coal, gold, crude oil and iron. China is the largest exporter, but with the collapse of commodities, the Mongolian economy is bleak and its currency plummets. 20 16 August, its currency, Tugrik, fell by 7.8%, making it the worst performing currency in the world that month. And once depreciated for 22 days, setting the lowest exchange rate of Mongolian currency in 23 years. The most surprising thing is that its foreign exchange reserves are only $654.38+0.3 billion, which shows its economic fragility.

Looking back, it was really embarrassing. You know, in 2065,438+02, Mongolia's economic growth once reached 65,438+08%, which surprised the world. Now there is only 1% growth, and the currency has depreciated by 58% in four years. Even the Prime Minister of Mongolia said that the country is in economic crisis. What is even more funny is that the Mongolian government still owes 2069 boxers, freestyle wrestlers, archers and other athletes wages and bonuses as high as 65.438+07 billion tugrik (equivalent to 980,000 US dollars).

Of course, another important reason for Mongolia's currency collapse is that Mongolia strictly restricts foreign investment. When the demand for goods is strong, of course, don't worry. When the demand is low, its economy is naturally difficult to support because of the lack of external support. We should know that Mongolia has a land area of 6.5438+0.5 million square kilometers and a population of only over 3 million.

The collapse of Mongolia's economy reminds people of Venezuela, which was also deeply affected by the economic crisis. The oil reserve country also suffered a currency collapse because of its excessive dependence on oil exports.

As for the specific impact on China, it is still relatively small at present. After all, Mongolia's economic aggregate is very small, and its share in global trade is relatively small. At present, the demand for commodities in China is relatively small, so its impact can be basically ignored.