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Four More Chinese Banks Stop Accepting Payments in Yuan from Russia

RUSSIA
  • At the end of March, four Chinese banks stopped accepting payments in yuan from Russia as payments become increasingly complicated for industrial goods, a source from the business community told Izvestia. Moreover, smaller banks are beginning to follow the example of large banks over fears of secondary sanctions from the US.
  • China’s exports to Russia slumped in March, the first year-on-year decline since mid-2022, amid growing US threats of reprisal against Beijing if goods aid Moscow’s invasion of Ukraine, Bloomberg report. According to Chinese customs data, China’s exports to Russia fell almost 16% in March from a year earlier.
  • The Bank of Russia will publish inflation expectations for April as well as its latest macroeconomic survey later today. PPI data for March is on the docket this afternoon (Prior: +19.5% Y/Y).
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