Chinese exports to Russia are slowing as the rouble swings in value, clear evidence of a ripple effect that Western sanctions over Russia's invasion of Ukraine are having in China, even as it sticks by its neighbour diplomatically.
Chinese multinationals have stayed in Russia while their Western rivals flee but it is smaller Chinese companies that are more vulnerable to exchange rate losses, with several telling Reuters that much of their Russian business is on hold as both sides wait out the volatility.
Another Chinese trader, who only gave her surname Guo, said her firm acted as a middleman between Russian and Chinese clients but the volume of products such as bed sheets and kitchen equipment they usually handle had dropped by a third. "The depreciation of the rouble means that you lose money every time there's a sale," said Shen Muhui, who heads a trade group representing more than 20,000 small Chinese exporters to Russia.
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