Comments by "红火树 RedFireTree" (@firetree2007) on "Gravitas: The challenges before the Indian Economy" video.
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one of the reason for rapid decrease of India' s FER was due to BRI selling $ to keep value of rupee, since if rupee drop too low, that means India needs to spend more rupee to get the same amount of goods, since India imports much more than it exports and rupee is not a world currency, so it needs to buy $ to pay the goods. China RMB is different, since US is in sanction on Russia, Russia cannot use $, but they can use RMB, not long ago, the largest India cement company imported some coal from Russia, Russians refused to take rupee, cannot use $ either so Indian buyer needs first used $ to buy RMB to pay Russians.
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