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    • Bank of Finland

2015

  • 23 Dec 2015  

    ​BOFIT Weekly Review 52/2015

    • Debt and trade disputes further erode economic relations between Russia and Ukraine; EU decides to keep Russian sanctions in place

    • Russia’s state-owned Vnesheconombank needs large support

    • Consumption and industrial output continued to decline in November

    • EU readies sanctions against China for steel dumping

    • Economic relations reaffirmed at China-Africa summit

    • China’s trade surplus fairly stable with commodities removed

  • 18 Dec 2015  

    ​BOFIT Weekly Review 51/2015

    • Finnish-Russian trade scraping bottom

    • Forecasters see the Russian economy contracting slightly in 2016

    • Russian central bank again passes on rate change

    • China’s grain harvests continue to get bigger

    • China’s industrial output recovered slightly in November

    • China publishes yuan exchange rate index

  • 11 Dec 2015  

    ​BOFIT Weekly Review 50/2015

    • Russian energy export volumes at crossroads

    • Low oil prices challenge Russian government finances

    • Cheap oil hurts ruble

    • China experiences increased labour unrest in November

    • Cheap oil and shifting exchange rates jostle China’s foreign trade numbers

    • Beijing’s abysmal air quality reinforces importance of Paris climate summit

  • 4 Dec 2015  

    ​BOFIT Weekly Review 49/2015

    • Impacts of Eurasian Customs and Economic Unions on the Kazakhstan market become clear

    • Russia bans travel to Turkey and restricts imports

    • China’s nuclear power industry making strides at home and abroad

    • Reforms reach China’s military

    • Yuan will join IMF’s SDR basket

  • 27 Nov 2015  

    ​BOFIT Weekly Review 48/2015

    • Separate development plan approved for areas near Chinese border in Russia’s Far East regions

    • Russian farm output provides a small ray of light

    • Mixed signals on direction of Russian economy

    • New yuan trading forum open in Europe

    • China lowers and deregulates natural gas prices

    • Chinese monetary policy is in search for a new framework

  • 20 Nov 2015  

    ​BOFIT Weekly Review 47/2015

    • Role of state-owned enterprises rising in Russia

    • Russia’s consolidated budget deficit fairly small so far this year

    • CBR monetary policy programme foresees drop in inflation and heavy reliance on Reserve Fund

    • Foreign direct investment flows to China on the increase

    • No clear direction for China’s housing market

    • IMF head calls for including yuan in SDR basket

  • 13 Nov 2015  

    ​BOFIT Weekly Review 46/2015

    • Finnish investment in Russia continues to heavily exceed Russian investment in Finland

    • Large Russian private bank Uralsib faces bankruptcy prevention measures

    • Russian foreign trade remains very weak

    • Mainland China share prices soar again; CSRC lifts moratorium on IPO listings

    • Reform in management of China’s state-owned enterprises moves ahead

    • Growth in Chinese retail sales outstrips fixed investment

  • 6 Nov 2015  

    ​BOFIT Weekly Review 45/2015

    • Ruble remains weak

    • Russian firms borrow modestly

    • Russian central bank keeps rates unchanged

    • ​China sets a low bar ahead of Paris climate conference

    • Growth targets problematic for guidance of Chinese economic policy

    • China’s latest five-year plan features two-child policy and economic reforms

  • 30 Oct 2015  

    ​BOFIT Weekly Review 44/2015

    • World Bank Doing Business report shows no major changes in Russia’s business regulation last year

    • Russia charts near depletion of Reserve Fund next year

    • Russian government issues lean proposals for 2016 federal and state social fund budgets

    • China’s president promotes closer economic ties during UK visit

    • Chinese domestic indebtedness continues to soar

    • China further eases monetary stance

    • China frees interest rates

  • 23 Oct 2015  

    ​BOFIT Weekly Review 43/2015

    • Ukraine’s private creditors accept debt restructuring

    • Russia’s foreign debt fell in the third quarter

    • Russian output up in September; consumption continued to fall

    • Yuan weakened slightly in the late summer

    • Central bank forex interventions and capital outflows from China have increased

    • China’s growth remains strong and structures continue to change

  • 16 Oct 2015  

    ​BOFIT Weekly Review 42/2015

    • Russia restarts gas deliveries to Ukraine; air travel between the two countries set to end

    • Private sector capital flows between Russia and abroad remain modest

    • Russia’s third-quarter exports and imports figures fall to 2010 levels

    • Chinese corporate profits dragged down by long slide in producer prices

    • Small changes in regional structure of China’s foreign trade

    • TPP deal presents a positive challenge for China

  • 9 Oct 2015  

    ​BOFIT Weekly Review 41/2015

    • Russia behind China in most international comparisons

    • Russian domestic demand down over 10 %

    • ​Number of people in Russia living below minimum subsistence level up markedly

    • Greater access to China’s bond and forex markets

    • Yuan surpasses yen as the world’s fourth-most-used currency in international payments

    • ​IMF holds its China forecast unchanged, but warns of rising risk from slowing growth

  • 2 Oct 2015  

    ​BOFIT Weekly Review 40/2015

    • Discussion on structural reforms of the economy in Russia

    • Improved profitability of Russian firms early this year gave support to paying down foreign debt

    • Tough negotiations over Russia’s 2016 federal budget continue

    • Situation in China’s housing markets remains mixed

    • China steps up fiscal stimulus measures

    • China’s president Xi visited US

  • 25 Sep 2015  

    ​BOFIT Weekly Review 39/2015

    • Russia plans to increase food self-sufficiency goals, import bans not helping

    • No easing of depressed demand and output in Russia

    • Fresh BOFIT forecast sees Russian GDP and imports contracting slightly further in 2016

    • International institutions concerned about soaring indebtedness in China

    • Officials ease rules on foreign borrowing of Chinese firms

    • Latest BOFIT forecast sees continued slowdown in China’s growth in coming years

  • 18 Sep 2015  

    ​BOFIT Weekly Review 38/2015

    • Significant changes again in structure of investments in Russia

    • Russia’s economy ministry and central bank revise their forecasts

    • CBR leaves rates unchanged

    • Reform plan for Chinese SOEs stresses increased state supervision

    • China’s foreign currency reserves declined by $94 billion in August

    • Chinese retail sales support economic growth

  • 11 Sep 2015  

    ​BOFIT Weekly Review 37/2015

    • Putin issues decree to speed up construction of Power of Siberia pipeline

    • Recession hits Russian regions

    • Russian inflation continues to pick up steam

    • Chinese food imports up

    • ​New figures on Chinese local government debt

    • Chinese foreign trade down again in August

  • 4 Sep 2015  

    ​BOFIT Weekly Review 36/2015

    • Finnish exports to Russia down sharply in the first half, exports to other countries unchanged

    • Government wants to increase competition but also restrictions on public sector procurements

    • Multiple impacts on Russia’s labour market from current recession

    • Finnish exports to China up in first half

    • China’s state-owned enterprises climb in rankings of world’s largest companies

    • New car sales in China slowed in recent months

  • 28 Aug 2015  

    ​BOFIT Weekly Review 35/2015

    • Large shifts in structure of government revenues and spending

    • Falling oil prices weaken the ruble and increase risks to Russia’s economy

    • Chinese oil import volumes up 10 % this year

    • On-going volatility on the Chinese stock markets

    • China’s central bank continues monetary easing and liberalisation of interest rates

  • 21 Aug 2015  

    ​BOFIT Weekly Review 34/2015

    • Number of banks in Russia continues to fall

    • Russian accounts inspector finds problems with National Welfare Fund use

    • Regions and local governments face precarious budget circumstances

    • IMF says China’s shift to a more sustainable growth model essential

    • Turbulence continues on Chinese markets

  • 14 Aug 2015  

    ​BOFIT Weekly Review 33/2015

    • Kyrgyzstan becomes newest member of Eurasian Economic Union; Kazakhstan completes WTO accession talks

    • Russian imports suffer as economy falters

    • CBR releases elaborated assessment of foreign debt servicing payments through end of this year

    • Chinese foreign real estate holdings on the increase

    • Chinese economic growth continues to slow

    • China devalues yuan and announces plans to increase role of markets in exchange-rate setting

  • 7 Aug 2015  

    ​BOFIT Weekly Review 32/2015

    • IMF report clarifies issues on possible inclusion of yuan in SDR basket

    • IMF releases second loan tranche to Ukraine

    • US extends sanctions, additional European countries join in certain EU sanctions

    • IMF repeats its calls for Russia to implement economic reforms

    • CBR lowers key rate again

    • Official figures may overestimate FDI outflows from China

    • Direct investment flows into and out of China continue to rise

  • 31 Jul 2015  

    ​BOFIT Weekly Review 31/2015

    • Output down in most manufacturing branches

    • Views of Russian authorities differ slightly on outlooks for the economy’s recovery; oil prices and the ruble slide

    • Foreign investors reduce their stock investments in mainland China

    • China restricts peer-to-peer lenders offering loans to share purchases

    • Increase in domestic indebtedness in China continues to outpace economic growth

  • 24 Jul 2015  

    ​BOFIT Weekly Review 30/2015

    • Exports of Russian military technology hold steady

    • Consumption, real incomes and household borrowing in Russia remain down

    • Signs that Russian economy’s decline may be stabilising

    • China’s housing market shows signs of recovery

    • More liberal access for foreign investors to mainland China’s financial markets

  • 17 Jul 2015  

    ​BOFIT Weekly Review 29/2015

    • Slow export growth in China in the first half; value of imports declines

    • Several hundred firms in Finnish ownership in Russia

    • Russia’s foreign debt remains unchanged

    • Russia’s current account surplus persists, outbound capital flow diminishes

    • China introduces draft legislation on foreign investment and cyber-security

    • Structure of Chinese economy keeps evolving

    • China’s Q2 economic growth remained at 7 %

  • 10 Jul 2015  

    ​BOFIT Weekly Review 28/2015

    • Tourism accounts for nearly half of Russian services imports

    • Russia spending oil funds in the first half

    • Russia’s foreign currency reserves stabilised

    • Official launch of BRICS New Development Bank

    • Founding documents signed for AIIB development bank

    • China and the EU agree on tighter economic cooperation

    • China takes serious measures to control stock market drop

  • 3 Jul 2015  

    ​BOFIT Weekly Review 27/2015

    • Russian finance ministry expects spending on defence and social security to plateau next year

    • Russian government budget framework assumes lean years ahead

    • Decline of investment limited by oil and gas sector

    • Chinese stock markets continue to seesaw

    • Reforms on complete deregulation of interest rates move ahead in China

    • China’s central bank extends monetary easing

  • 26 Jun 2015  

    ​BOFIT Weekly Review 26/2015

    • EU and Russia both extend economic sanctions

    • President Putin speaks to foreign investors at St. Petersburg international economic forum

    • Forecasters slightly improve their Russia forecasts for this year

    • Depressed Russian demand and output continued in May

    • Yuan now the top international payments currency in Asia

    • Preparing for the rollout of the China International Payments System (CIPS)

    • Chinese wages continue to rise, though at a slower pace

  • 18 Jun 2015  

    ​BOFIT Weekly Review 25/2015

    • Russia resumes TIR freight customs arrangement

    • CBR governor Nabiullina discusses outlook for Russia’s foreign currency reserves

    • CBR lowers key rate for fourth time this year

    • Actual progress in reform of China’s state-controlled enterprises still unclear

    • Impacts of economic slowdown worry European firms operating in China

    • Chinese economy continues to slow

  • 12 Jun 2015  

    ​BOFIT Weekly Review 24/2015

    • Foreign direct investment inflow to Russia last year was lower than in 2009

    • Loan stock growth stalls for Russian banking sector

    • No changes expected in Russian corporate taxation in coming years

    • Mainland China stock markets not quite ready for incorporation into global stock indexes

    • Chinese inflation slows further

    • China’s exports and imports continue to shrink

  • 5 Jun 2015  

    ​BOFIT Weekly Review 23/2015

    • Russia drops to sixth place among Finnish export markets

    • Russian government supports investment in production focused on import substitution

    • Russia slashes public investment

    • China opens clearing market for payment cards

    • Banks ordered to continue financing local government construction projects in China

    • Chinese share prices ride the rollercoaster

  • 29 May 2015  

    ​BOFIT Weekly Review 22/2015

    • Russia’s low unemployment partly reflects a shift of dismissed workers to the shadow economy

    • Real wages continue to slide in Russia

    • Russian domestic demand down sharply in April

    • China’s foreign currency reserves shrink as capital exports rise

    • IMF no longer considers the yuan undervalued

  • 22 May 2015  

    ​BOFIT Weekly Review 21/2015

    • CBR returns to the forex market

    • Nominal increase in public sector revenues comes to a near halt

    • The slide of Russian output deepened in April

    • Demographic shifts affecting Chinese labour markets

    • China’s FDI flows up in the first quarter

    • ​Investment growth slowed significantly in the first four months of the year

  • 14 May 2015  

    ​BOFIT Weekly Review 20/2015

    • Russia’s foreign trade collapsed in the first quarter

    • Russia and China conclude cooperation agreements during Xi Jinping’s visit to Moscow last week

    • Exports of Russian pipeline gas down over 10 % last year

    • Gradual evolution in structure of China’s foreign trade

    • Growth in number of migrant workers slows

    • PBoC cuts interest rates and continues deregulation of deposit interest rates

  • 8 May 2015  

    ​BOFIT Weekly Review 19/2015

    • Consumers under major strain in Russian regions, industries struggle

    • Russia launches its own national card payment system

    • CBR lowers key rate

    • China ends export duties on rare-earth metals

    • Policy changes to support China’s labour markets

    • Chinese wage growth remains robust

  • 30 Apr 2015  

    ​BOFIT Weekly Review 18/2015

    • Russia bans re-export of plant products from Bulgaria

    • Dispute over pension system resolved

    • Economy ministry puts out ever-rosier forecasts

    • China’s stock markets now among the largest in the world; meteoric rise causes concerns

    • Indebtedness of local governments continues to soar

    • Economic slowing adds to risk on Chinese financial markets

  • 24 Apr 2015  

    ​BOFIT Weekly Review 17/2015

    • Import disputes in the Eurasian Economic Union

    • Private demand down sharply in Russia

    • China suspends implementation of bank cyber-security requirements

    • Real estate developer Kaisa defaults on bond payments

    • Chinese real estate markets remain shaky

    • China offers stimulus by lowering bank reserve requirements

  • 17 Apr 2015  

    ​BOFIT Weekly Review 16/2015

    • Capital outflow from Russia continued strong due to foreign debt payments

    • ​Falling imports kept Russia’s current account in surplus

    • ​Russian Duma approves adjustments to federal and social fund budgets for 2015

    • IMF forecasts uneven development for the global economy

    • Chinese export growth slowed in first quarter; value of imports plummeted

    • Chinese economic growth slows as expected in the first three months of the year

  • 10 Apr 2015  

    ​BOFIT Weekly Review 15/2015

    • Russian carmakers have it rough

    • Russia moves to limit public sector wage hikes

    • Russian inflation reached 16.9 % in March

    • Ruble appreciation enters third month

    • China faces massive costs for environmental damage

    • ​Chinese stock markets heat up

  • 2 Apr 2015  

    ​BOFIT Weekly Review 14/2015

    • Russia foregoes daylight savings time

    • Duma takes up bill on granting amnesty for unauthorised capital exports

    • Investment in Russia declines; structure of branches targeted for investment continues to shift

    • China is now the world’s third largest arms exporter

    • Profit growth at China’s big banks slows significantly

    • Government approves long-awaited law on deposit insurance

  • 27 Mar 2015  

    ​BOFIT Weekly Review 13/2015

    • Transit shipments through Finland to Russia contracted sharply last year, while transit freight from Russia rose

    • Latest BOFIT forecast sees further contraction of Russian GDP and imports this year, with slow recovery thereafter

    • China strengthens its status as world’s third most active patent-seeker

    • BOFIT 2015–2017 forecast sees further slowdown in China’s growth without certainty of a soft landing

  • 20 Mar 2015  

    ​BOFIT Weekly Review 12/2015

    • CBR launches English-language research paper series

    • Ukraine gets new 4-year IMF fund facility

    • EU and Russia squabble over Russian import tariffs continues

    • CBR sees Russian economy contracting 3.5–4 % this year

    • CBR cuts key rate to 14 %

    • China could already this year introduce a deposit insurance scheme and deregulate interest rates

    • Europeans show keen interest in China’s new development bank

    • Critical land reform experiment begins in China

  • 13 Mar 2015  

    ​BOFIT Weekly Review 11/2015

    • Russians experienced drop in real household incomes last year

    • Finnish-Russian trade contracted last year

    • Boom in Chinese tourism balances goods trade surplus

    • Domestic demand shows signs of weakening in China

    • China’s struggling local governments can now convert more debts into bonds to deal with their debt problems

  • 6 Mar 2015  

    ​BOFIT Weekly Review 10/2015

    • Growth of government revenues and expenditures just kept up with inflation in 2014

    • Financial woes of Russian regions begin to bite

    • Declining sales of machines for paper industry and furs hurt Finnish exports to China

    • PBoC continues to deregulate interest rates

    • China lowers economic growth target to around 7 %

  • 27 Feb 2015  

    ​BOFIT Weekly Review 9/2015

    • Russian government considers ways to assure reasonable access to medicines

    • ​Russia refining an increasing share of its oil production domestically

    • Russia’s creditworthiness battered again

    • Foreign travel is now a thing in China

    • Chinese direct investment in Europe on the rise

    • ​Financial markets enter the Year of the Goat calmly

  • 20 Feb 2015  

    ​BOFIT Weekly Review 8/2015

    • Russia to dip into its sovereign funds

    • Russian inflation soars

    • China’s New Silk Road Fund opens for business

    • Capital controls liberalisation continues in Shanghai free trade zone

    • Prices for shares listed in Shanghai higher than in Hong Kong

  • 13 Feb 2015  

    ​BOFIT Weekly Review 7/2015

    • Russian foreign trade contracted sharply in the fourth quarter

    • Russia’s banking sector reflects economic uncertainty

    • Chinese inflation falls further

    • Yuan appreciates in both real and nominal terms

    • Drop in imports pushes foreign trade surplus to record levels

  • 6 Feb 2015  

    ​BOFIT Weekly Review 6/2015

    • Russian government approves economic support programme

    • CBR surprises with 2 p.p. cut in key rate

    • Russian output shows transient spike in December

    • Russian GDP grew by just 0.6 % last year

    • China’s current account surplus grew slightly last year

    • China’s economy continued to slow in January according to purchasing manager indexes

    • China’s central bank lowers reserve requirement

  • 30 Jan 2015  

    ​BOFIT Weekly Review 5/2015

    • Federal budget turned to slight deficit in 2014 (Russia)

    • Foreign debt of Russian banks and companies shrank last year, repayments ahead

    • Standard & Poor’s downgrades Russia’s creditworthiness to speculative grade

    • Pensions reformed and wages increased in Chinese public sector

    • Profits of Chinese industry showed record drop in December

    • Yuan rises to fifth-most-used currency in international payments

    • Growth of lending of China’s shadow-banking sector still outpaces lending growth of formal banking sector

  • 23 Jan 2015  

    ​BOFIT Weekly Review 4/2015

    • Outflow of private capital from Russia and foreign currency cash holdings up sharply in 4Q2014

    • Contractions in Russian exports and imports intensified

    • CBR continues to defend the ruble

    • Major institutions lower their outlooks for Russia and Ukraine.

    • Chinese real estate markets deteriorate further

    • Inward FDI flows to China continue to exceed outward FDI

    • Slowing Chinese GDP growth approached 7 % in 2014

  • 16 Jan 2015  

    ​BOFIT Weekly Review 3/2015

    • Despite rapid growth, Russia’s housing loan market is still relatively small

    • Russian interest rates surged late last year

    • Fitch downgrades Russia’s creditworthiness

    • Problems of China’s largest real estate developers could affect financing possibilities for the entire sector

    • Lower commodity prices boost China’s trade surplus

    • Inflation slow in China

  • 9 Jan 2015  

    ​BOFIT Weekly Review 2/2015

    • Russian inflation averaged 11.4 % in 2014

    • Moscow stock prices tanked last year

    • 2014 exposed major weaknesses in the Russian economy

    • For the first time in several years, the yuan loses ground against the dollar

    • China eases export restrictions of rare earth metals

    • Current forecasts see Chinese economy growing by about 7 % in 2015

  • 3 Jan 2015  

    ​BOFIT Weekly Review 1/2015

    • Eurasian Economic Union agreement entered into force yesterday

    • Semblance of calm returns to banking sector

    • Russia’s forex markets remain turbulent

    • Russian GDP contracts in November; inflation soars

    • China’s stock markets end the year on an upswing

    • China’s leaders map out economic policy for the coming year

    • Chinese 2013 GDP figures revised up

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