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China currently allows the yuan to move a maximum 2 percent on either side of the daily reference rate set by the central bank each day before the market opens.

China has been Russia's largest trading partner for six years and Russia is a major source for China to import energy and high-tech products.

China has been the powerhouse for global growth and a main contributor to an open world economy in recent years. Since becoming a WTO member in 2001, China has cut average tariffs from 15.3 per cent to 9.8 per cent, removed over 50 access restrictions on the manufacturing sector and opened about 120 sectors of the service industry to different degrees. It is now the largest trading partner of 124 countries and one of the top three markets for goods from 54 WTO members.

China has been restructuring its economy to rely more on innovation and consumption to achieve long-term growth.

China has ample alternatives. Chinese airlines can buy planes from Airbus. Brazil and Argentina will be happy to supply soybeans.