151. Mongolia’s Currency Crisis: Made in China?
- Author:
- Antonio Graceffo
- Publication Date:
- 05-2022
- Content Type:
- Journal Article
- Journal:
- China Brief
- Institution:
- The Jamestown Foundation
- Abstract:
- When COVID-19 lockdowns closed the People’s Republic of China’s (PRC) borders in 2020, imports entering Mongolia came to a grinding halt, leading to domestic inflation and product shortages. Exports also declined significantly, further constricting the flow of U.S. dollars into the country. More than two years later, China continues to pursue its “Zero-COVID” policy and the Russia-Ukraine war is driving up global gas and energy costs. An unwitting victim of decisions made in Beijing and Moscow, Mongolia is facing currency devaluation, high inflation, and a shortage of dollars.
- Topic:
- Currency, COVID-19, Economic Crisis, and Zero-COVID
- Political Geography:
- China, Mongolia, and Asia