Cheng Yijun

(№.2,2015)

Abstract:The depreciation of the ruble is mainly caused by a stronger US dollar, the dropping oil price and western sanctions. However, the fundamental reason lies in the bad economic situation, stagnant economic development and the public’s lack of confidence towards prospects in Russia. The plunging ruble has exerted a severe impact upon Russian society, leaving us a host of inspirations: in today’s world with deepening economic integration, there are many more fluctuations in the financial market and a noticeably higher occurrence of large-scale financial storms; a proper amount of foreign exchange reserves is necessary for protecting the financial order and coping with emergencies; the leverage of interest rates is a double-edge sword and should be used cautiously and scientifically according to the national situation and market conditions; financial perils should be handled by a series of measures which achieve better results than a single measure; the market should be regulated by a maximum use of technical measures, not excluding administrative intervention; and sensitive reform measures should be avoided in critical moments.

Keywords:Ruble interest rates；foreign exchange reserves；leverage of interest rates；administrative intervention；sensitive measures