This exchange rate liberalization has continued and while the ruble is not a freely floating currency, it is much closer to being one that it was in the past.

FORBES: Is the Russian Ruble Excessively Strong?

But while ruble volatility might or might not be a problem, I will very freely admit that I lack the economic chops to analyze the impact of exchange rate liberalization on the Russian economy, it seems almost impossible to argue that the ruble is excessively strong.

FORBES: Is the Russian Ruble Excessively Strong?

In terms of capital markets, interest rate liberalization and a more market-oriented exchange rate are central.

FORBES: China's Growing Contradictions