The causes of this phenomenon include defects in the economic structure, a rigid foreign exchange regime, early-coming financial liberalization, the high budget deficit and high foreign debt.

这一现象归因于结构缺陷、汇率制度僵化、过早金融自由化、高度财政赤字化和债务化等多个方面。

youdao

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