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

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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?

There was also some interest-rate liberalization as Chinese banks are now allowed to lend at a discount of up to 20% below the benchmark, compared with a previous floor of 10%.

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For instance, with assistance of rapid increase in wage rates, expected interest rate liberalization and further reforms, China is probably close to a turning point when income distribution switches from deterioration to improvement.

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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?