Sanctions are forcing Russia to find alternative settlement currencies to the US dollar to ensure the security of the country’s economy, according to President Vladimir Putin.“We are moving to the de-dollarization of the economy. We are doing so not because we want to undermine the dollar, but because we want to ensure our security. We are constantly facing sanctions, they do not give us the opportunity to work in dollars,” Putin said on Thursday at the Valdai Discussion Club meeting in Sochi. Source RT
Labour frontbenchers have criticised the chief executives of HSBC and Standard Chartered banks for supporting China’s political leaders, urging them to revoke their support for Beijing’s controversial security law, which they say threatens democratic rights in Hong Kong. They warned the banks that they could face a boycott. Source The Guardian
China’s oil demand has recovered to more than 90% of the levels seen before the coronavirus pandemic struck early this year, a surprisingly robust rebound that could be mirrored elsewhere in the third quarter as more countries emerge from lockdown. Source Reuters
- The European Central Bank increased its Pandemic Emergency Purchase programme by a further €600 billion ($676 billion) on Wednesday.
- Markets were largely expecting a €500 billion ($563 billion) increase.
- The new package takes the ECB’s total announced monetary stimulus to €1.35 trillion ($1.52 trillion).
- ECB also extended its horizon for net purchases until at least June 2021. Source Business Insider
