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Central Bank to Resume Operations on Domestic FX Market, Inflation Data on Docket

RUSSIA
  • The Central Bank has resumed operations on the domestic forex market and is expected to sell RUB16.7bln worth of yuan daily from the National Welfare Fund from January 15 to 31 and RUB15.9bln worth from February 01 to 06, Vedomosti report. The newspaper write that this influx of foreign currency onto the market will provide moderate, but nonetheless noticeable, support for the ruble. As a result, the ruble could strengthen to 85-87 rubles/$1 (note USD/RUB on the MICEX exchange currently stands at 88.17).
  • China’s imports from Russia rose about 24.4% y/y in December, according to Bloomberg calculations based on data released by the Beijing-based Customs General Administration.
  • The Federal Statistics Service reports December and weekly inflation at 1600GMT/1900 local time. As per the median of the Bloomberg survey of analysts, headline inflation likely rose 7.60% y/y, 0.90% m/m in December.
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