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PPI Data on the Docket; Central Bank to Report on Inflation Expectations

RUSSIA
  • “Today, relations between Russia and China are at an unprecedented high level,” Prime Minister Mishustin told Premier Li Qiang on Wednesday. “They are characterized by mutual respect of each other’s interests, the desire to jointly respond to challenges, which is associated with increased turbulence in the international arena, and the pattern of sensational pressure from the collective West.”
  • “Considering changes in the structural liquidity surplus and in order to maintain the downward trend in the share of foreign currency on credit institutions’ balance sheets, the Bank of Russia will increase the required reserve ratios from 1 June 2023” a statement by the CBR read yesterday.
  • President Vladimir Putin meets his Belarusian counterpart Alexander Lukashenko in Moscow today and Putin will also take part in the Eurasian Economic Forum in Moscow. According to Interfax, Mishustin may meet with President Xi Jinping in China. Bloomberg report that the central bank will report on inflation expectations and the banking sector.
  • The Federal Statistics Office will report PPI data at 1700BST/1900 local time. A 13.7% y/y contraction in producer prices is expected compared to a 10.7% drop prior. The monthly figure is seen rising 2.1% (Prior: 2.6%). Weekly CPI data is also on the docket.
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