There is no need for Russian and Chinese businesses to pay each other in dollars and euros, when they can settle in rubles and yuan, according to Zhou Liqun, chairman of the Union of Chinese Entrepreneurs in Russia.
By all metrics, inflation is heating up. But it’s not clear the same can said for underlying economic activity.
The latest US sanctions, which sent the Russian currency to its steepest drop in the past three years, surprisingly helped to boost the country’s budget with an extra 232 billion rubles ($3.8 billion).
The second quarter expects to see another gold rally pushed by strong physical demand and the weaker US dollar, according to Boris Mikanikrezai, precious and base metals strategist at Metal Bulletin.
European markets are set to rise on Thursday morning, as soaring oil prices triggered a broader rally across commodities.
Bitcoin got hammered yesterday after New York Attorney General Eric Schneiderman announced an investigation into some of the major cryptocurrency exchanges.
Oil prices rose on Tuesday, as support from the possibility of supply disruptions and a strong equities market offset the effects of profit-taking following last week's rally above three-year highs.
The global economy is still on an upswing, but the good times may not last beyond the next year or two.
China's central bank said on Tuesday it will cut the amount of cash most commercial and foreign banks.