Russian Central Bank Intervenes Amid Ruble's Historic Plunge

Russia's central bank has halted foreign currency purchases and is selling Chinese yuan to support the ruble, which has plummeted to its lowest value since the Ukraine war began. This move aims to curb inflation, which officially exceeds 9% but may be higher according to analysts. The ruble's decline is exacerbated by Western sanctions and a lack of foreign investment, while the weak currency risks importing inflation through higher prices for imported goods. The situation is further strained by low unemployment and rising wages due to military mobilization.