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Bank of Russia Sells Almost $47m of Yuan

RUSSIA
  • Russia's central bank said on Tuesday that it sold almost $47m worth of Chinese yuan on Jan 13 to buy rubles, Reuters report. The finance ministry and central bank said last Wednesday that they plan to sell the equivalent of RUB3.2b of yuan a day from Jan 13 to Feb 6 as part of Russia's budget rule which means that if Moscow's revenues from oil and gas go down, Russia will sell off foreign currency reserves to make up the amount of rubles needed for the budget.
  • Bloomberg report that Russian President Putin spoke with Turkish President Erdogan by phone yesterday, according to the Kremlin. The leaders discussed cooperation in the energy sector, including natural gas supplies and the creation of a regional gas hub in Turkey. Putin and Erdogan also exchanged views on Ukraine, including prisoner exchange, and the implementation of grain deal.
  • The Bank of Russia will report preliminary 4Q current account balance data (Prior $48b) today at 1300 GMT/1800 local time.
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