Russia imposed an emergency interest rate hike and said another was possible as it tried to stem a plunge in the ruble, but the move didn’t prevent the currency from sliding in a drop that has cast a pall over the economy.
(Bloomberg) — Russia imposed an emergency interest rate hike and said another was possible as it tried to stem a plunge in the ruble, but the move didn’t prevent the currency from sliding in a drop that has cast a pall over the economy.
Russian missiles hit civilian targets in eight regions, Ukrainian authorities said, killing three people and wounding at least five more in attacks that hit a kindergarten, a sporting hall and an industrial site. Attacks on Ukraine’s energy network knocked out power to more than 400 settlements, the grid operator said.
Chinese Defense Minister Li Shangfu told a security conference in Moscow that military relations between China and Russia are a “good cooperation model,” which doesn’t target any third party.
- Russia’s Emergency Rate Hike Fails to Lift Ruble After Crash
- China Defense Minister: Military Ties With Russia Is Good Model
- Wheat Falls for Third Day as Black Sea Shipments Continue
- Putin’s Aide Blames Central Bank for Weaker Ruble, Inflation
The ruble traded down 0.4% at 98.09 against the dollar at 1:02 p.m. in Moscow. The currency is still among the three worst performers in developing economies this year with a loss of about 25%.
Wheat dropped for a third day as grain exports continued from Russia and Ukraine even as tensions remain in the Black Sea region.
- Chinese defense chief Li will visit Belarus on Aug. 16-18
–With assistance from Mark Sweetman.
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