Macro advisory in moscow. He said the situation for the russian currency is unique. You should not be looking at it in the same way as if there was a slide in a normally functioning economy or a european economy. The rouble is entirely managed now by the central bank in conjunction with the Finance Ministry, and has been since we last saw the rouble collapse down to about 130 in march of last year. So the Central Banks priority last year was to keep the Rouble Exchange rate high at around 60, because it was tackling inflation, but this year, because of the sanctions impact and because that has led to a big hit on the value of russias oil exports in particular, they have devalued the rouble in order to compensate for that fall in dollar terms. In other words, weaker rouble translating dollars into a higher rouble amount to balance the budget. Thats been the priority this year. It doesnt reflect an imminent crisis. Sort of a broad collapse in the economy. Its the result of the central Ba
For the Second Quarter. We can provide hints on whether the bank ofjapan will continue to remain an outlier and keep Interest Rates ultra low. Earlier, High Speed Two fidelity international s Catherine Yeung who said china is facing a confidence problem. It is lack of confidence within the consumption and corporate sector. In fact last friday we had julys money supply and aggregate Financial Data released and it was marginally weaker than expected, so tomorrow in fact we have this operations, and while the expectations are there will be no cuts on the benchmark generally speaking, you could see a slight increase of probability of ten basis points rent cuts, so again policy is going to outgrow chains, but it is going to be this continuing tweaking to accommodate. Tomorrow we will get some extra data out. But really what is the biggest problem facing china to get its economy up and running . If china to get its economy up and runnina . ,. , china to get its economy up and runninu . ,. ,
The International Energy agency has revealed that lng now makes up 35 of europes energy supplies, not far off the 40 contribution that russia made before it was sanctioned over ukraine. Joining me now is ben mcwilliams, whos an Affiliate Fellow at bruegel. Thank you very much for being with us today. What are your concerns about where gas prices could go if these workers do indeed strike . This is certainly a concern, but to be clear up front, nothing comparable to last year. The position we are in is that, as you mentioned, as russian Pipeline Supplies have been cut over the last 12 months, the eu and uk have become more dependent on liquefied national gas. Natural gas. Australia typically supplies asia. If it were cut to asian consumers, we would see asian consumers turning around and looking to qatar and competing with european buyers there, which would in turn have some Knock On Effect on prices. As it had last week, 40 increase from around 30 to 36 euros just nothing like close to
Provide hints of whether the Bank Of Japan provide hints of whether the bank ofjapan will continue to remain an outlier and keep Interest Rates ultra low. Earlier, spoke to fidelity international s Catherine Yeung, who told me china is facing a confidence problem. Just this lack of confidence both within the Consumption Sector as well as the corporate sector. So if fact last friday we had julys M2 Money Supply and aggregate Financial Data released and it was marginally weaker than expected. So tomorrow, in fact, we have this element of operations all the expectations are for no cuts in the benchmark, generally speaking, we could see a slight increase in probability of a ten basis point rate cut. So again policy isnt going to outright change, it is going to be this continuing tweaking to be this continuing tweaking to be accommodated. Be this continuing tweaking to be accommodated. Tomorrow we will aet be accommodated. Tomorrow we will get some be accommodated. Tomorrow we will get some