Ruble fell, Chinese truck sales were down in Russia.


Ruble fell, Chinese truck sales were down in Russia.On January 26, the international rating agency Standard & Poor's announced that it will reduce Russia's sovereign credit rating to BB + state, which is the first time in 10 years the Russian rating fell to below investment grade. Ruble fell sharply against the dollar by 7%, to $ 1 68.70 rubles, the lowest level for six weeks.

Since the Ukrainian crisis, coupled with the West to impose sanctions on Russia causing oil price fell, the dollar began to fall against the ruble, although Russia has taken, including improving local currency interest rates and many other countermeasures, but still can not suppress the currency decline.

Ruble exchange rate fell, foreign truck business enterprises, including China's exports to Russia have had a negative impact. National Bureau of Statistics of the Russian Federation shows the Russian truck market has shrunk by 15% last year, this year is expected to continue to decline.

Deputy General Manager Liang Zhen of SHACMAN Automobile Import and Export Corporation, said the overseas market local currency fell against the dollar has become an important factor affecting truck companies, Chinese enterprises should be integrated by using of truck financial and non-financial countermeasures to deal with.

China's passenger car business brunt losses. GEELY announced that the ruble devaluation lot of foreign currency exchange losses. Message out, GEELY shares plunged 22 percent at once. It is reported that GEELY has started to take measures to reduce the financial risk in Russia, and begins to increase in the retail price of the car, hoping to reduce the impact of the devaluation of the ruble. In addition to passenger car business, commercial enterprises in Russian is also facing losses.

For example, in October 2014 Foton cumulative sales of trucks in Russia was 61, compared with the beginning of the Russian market ambitions, too few was the sales. FAW always sell more in Russua, in October 2014, cumulative sales of 2164 trucks, compared to 3739 trucks during the same period in 2013, decreased by 42.1%. FAW import and export company officially said, taking into account  of greater impact on the ruble exchange rate during November and December , so that annual sales could fall 50%.