Recently, the Russian Central Bank exchange rate policies of its major adjustments, but they emphasized that this adjustment is to reduce government intervention, not for the devaluation of the ruble, the war has nothing to do with the money.

Since the second half of this year, speed up the recovery in order to stimulate their economies, Japan, Thailand, Indonesia, Malaysia, Singapore, Vietnam, Korea, Brazil and Colombia and other countries have on the foreign exchange market intervention, suppression of the currency appreciation, the Korean won, Thai baht, ringgit , Singapore, Vietnamese Dong, the Brazilian real and the Colombian peso and other currencies against the U.S. dollar resulting in varying degrees of devaluation, this trend has been closely watched around the world, people are worried about government intervention in the foreign exchange market may lead to global currency war. Recently, the Russian Central Bank exchange rate policies of its major adjustments, but they emphasized that this adjustment is to reduce government intervention, not for the devaluation of the ruble, the war has nothing to do with the money.

Russian Central Bank exchange rate policy decision on the existing major adjustments, which specifically includes three aspects: First, expand the ruble trading band against the basket of currencies, the ruble against the basket of currencies of the trading range from 3 to 4 rubles rubles to relax, that the floating range upper and lower limits of the relaxation of 0.5 rubles; second is to reduce government intervention in the foreign exchange market to reduce the floating range of relaxing constraints, continuous 700 million U.S. dollars to buy or sell can expand the floating range of eligibility was reduced to $ 650,000,000 . Third, from January 2009 to cancel implemented from the limit interval (26-41 rubles), which limit range of the Russian government in response to the global financial crisis to take temporary measures.

Since 2005, the ruble, Russia’s government to implement a managed floating exchange rate system, the specific arrangement is “pegged currency basket + floating range.” Ruble exchange rate of the currency basket of U.S. dollar and the euro by the constitution, which accounted for 55% of the U.S. dollar, the euro accounted for 45%; Russian Central Bank exchange rate of the ruble against the currency basket to set a date band, once the fluctuations in the ruble exchange rate range minimum or maximum access Russian Central Bank will enter the foreign exchange market, buying or selling of dollars by way of intervention. January 2009, as one of anti-crisis policy measures, the provisions of the Central Bank of Russia, the ruble limit on the range of basket of currencies, that is 26-41 rubles.

The major adjustment of exchange rate policy will become Russia’s economic reform and market an important event in the process, it is possible from the following four aspects of policy toward Russia after the crisis have different degrees.

First, the focus will shift to monetary policy to control inflation. Through this major adjustment of exchange rate policy, the ruble exchange rate in the range of a larger free float, making the Russian Central Bank to focus on to deal with inflation, but also to anti-inflation policy has more room for maneuver. So, in a sense, the exchange rate reform to the world of such a signal – the future focus of the Russian central bank’s policy is to control inflation rather than the ruble exchange rate. In fact, the last two years, the Russian government has been a primary goal of economic recovery, some government officials believe that the devaluation of the ruble exchange rate fluctuations and the control is conducive to the realization of this goal, however, insisted that the Russian central bank, increased exchange rate flexibility is more conducive to the Russian economy long-term health development.

Second, the ruble exchange rate to float freely. Adjustment in the exchange rate policy, the Russian central bank did not announce a new ruble’s floating range against the currency basket, but there is market speculation, the adjusted ruble float on the currency basket may range 32.90-36.90 rubles. Some economists believe that this shows that the ruble float on the road to freedom has taken a cautious but important step to further relax on this basis, the floating range of the basic realization of a ruble to float the ruble exchange rate.

Third phase out anti-crisis policy. The over-reliance on energy exports, Russia’s economy in the global financial crisis has been hit hard in 2009, the Russian economy grew by -7.9%. First half of 2010, most of the world to varying degrees, out of the shadow of recession, but the Russian economy is still struggling in the mire of the crisis. To this end, the Russian government implemented a fiscal stimulus package of unprecedented, expansionary monetary policy and the anti-crisis exchange rate controls. Recently the Russian economy started to recover, the second quarter of 2010, the Russian economy grew 4.9%, consumer price index rose 3.2%, import and export volume growth of 41%, 146% growth in foreign trade surplus. International Monetary Fund predicts that by 2010 Russia’s economic growth rate of 4.3%; consumer price index is 7%. In this case, the Russian Government, with the acceleration of economic recovery, should be gradually abandoned to those who formulated the special anti-crisis fiscal policy, monetary policy and exchange rate policies, the future driving force of economic growth in Russia will be by government departments to the private sector. Russian Central Bank also said that the major adjustment of the exchange rate policy that Russia’s anti-crisis policy measures are being phased out.

Fourth, to reduce government intervention. Recently, the Russian government said that the current global competitive devaluation of currencies is not the Russian ruble exchange rate policy of central banks to change the reason, on the contrary, more flexible exchange rate policy requires the central bank to reduce the foreign exchange market intervention. Central Bank of Russia that the Russian war, the exchange rate and monetary policy adjustment has nothing to do, nothing to do with the currency devaluation, increased flexibility in the ruble, and expand the floating range is to reduce government intervention.

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