BEIJING--China says it is willing to provide assistance to
Russia following recent sharp drops in the value of its currency,
said a senior official, as President Vladimir Putin's regime faces
continuing strains with the U.S. and Europe.
Foreign Minister Wang Yi said over the weekend that China was
willing to offer Russia unspecified assistance in the wake of the
ruble's fall, and said Beijing had full confidence in the Kremlin's
ability to solve it. The currency hit record lows on an almost
daily basis as the price of oil, a critical Russia export, has
plunged.
"We are convinced that Russia has the ability and the wisdom to
overcome the current kind of challenging situation," Mr. Wang told
reporters, video of which was posted Saturday to the website of
Hong Kong-based Phoenix Television. "We consistently support and
help each other. If the Russian side requires it, then we will
offer required assistance within the scope of our abilities."
He didn't offer details or specific proposals.
While Beijing and Moscow have a history of rivalry, Moscow is
seeking closer ties to Beijing, particularly as it has grown
estranged from the West in the wake of its confrontation with
Ukraine.
China has an interest in the stability of the ruble as both
countries have sought to reduce reliance on U.S. dollars in
international transactions. China and Russia signed a three-year,
$150 billion yuan ($24.1 billion) currency swap line in
October.
A spokesman for the Foreign Ministry said last week that the
currency-swap agreement had gone ahead normally despite the ruble's
fall, adding that the countries" economies remained highly
complementary. China's growing economy is huge market for Chinese
natural-resources exports, including oil.
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