Econ min: China’s stock market fall may have no impact on Russia

UFA, Jul 8 (PRIME) -- Economic Development Minister Alexei Ulyukayev said Wednesday he hopes that Chinese authorities will get over difficulties on the country’s stock market and the current downturn will not hit Russia.

“I believe that Chinese colleagues – the People's Bank of China and regulatory authorities – will cope with this situation. It must not reach such scale that may threaten our projects, our investment and our foreign trade,” Siluanov told reporters.

China’s Shanghai Composite Index fell 32% from mid-June, while the Shenzhen Composite Index fell by 41% in the period.

In order to stabilize the situation, the People's Bank of China, the country’s central bank, has already decreased interest rates and also decided to consider suspending initial power offerings.

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