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Putin Meets China’s Xi; Foreign Minister Visits North Korea

RUSSIA
  • Russia-China trade turnover reached $200bln in the last 12 months, President Putin told his counterpart Xi Jinping during a televised meeting in Beijing. “In current difficult conditions, close foreign policy coordination is especially in demand, which is what we are doing,” Putin said as per Bloomberg.
  • The volume of Russian bank deposits in yuan has jumped 3-4 times, Vedomosti report, however, the central bank note that deposits in China’s currency account for only 1.5% of all deposits (about RUB600bln).
  • It’s still too early to talk about any decision OPEC+ may take at its meeting in November, Deputy Prime Minister Novak told Bloomberg in Beijing. Last week, Novak said all options were on the table at the coming meeting.
  • Putin will take part in the Belt and Road Initiative forum in Beijing today. Meanwhile, Foreign Minister Lavrov travels to North Korea. The trip could facilitate a possible visit by Putin after he was recently invited by leader Kim Jong Un.
  • PPI data is on the docket this afternoon (Prior: +10.6% y/y).
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