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Government Suggests 'De-Dollarization' Plans, Russia-China Export Surplus Grows

RUSSIA
  • Speaking in an interview with RBC, Deputy Finance Minister Alexei Moiseev said that the government has asked state companies to draft so-called ‘De-Dollarization’ plans to use up the remaining stock Western currencies on their balance sheets.
  • As part of yesterday’s China trade release, Russian exports to China rose by 50% to $72.9b while imports rose by 8.5% to $44.2b. The surplus with China amounted to $28.7 billion, quadrupling over the year (from $7.3 billion), with Putin stating that total trade volume with China could amount to $200bln by the end of the year.
  • Speaking at the Eastern Economic Forum, President Putin said on Wednesday that the grain shipment corridor with Ukraine is not helping poorer countries as the majority of supplies are moving to Europe. He also said that it may be necessary to discuss restrictions on trade routes with Turkey who brokered the deal, placing renewed jeopardy on the future of grain trade and, therefore, raising the prospect of higher food prices.
  • Finance Minister Anton Siluanov and Bank of Russia Governor Elvira Nabiullina will speak at the Moscow Finance Forum at around 1015 BST (1215 local time). Data-wise, the Bank of Russia reports its weekly gold and FX reserves at 1400 BST (1600 local time).
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