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partially absorb the liquidity inflow from financing federal budget deficit from the Reserve Fund. In addition, the OFZ sales may help increase liquidity and depth

the year-end. Figure 33. Lending growth in China, % YoY Figure 34. International reserves and FX interventions of the People’s Bank of China (+/- – FX purchase

willing to resort to foreign exchange interventions, drawing on its forex reserves. With forex reserves contracting slower and trade surpluses dropping, capital out- flows for

were growing but insubstantially. The savings ratio, including the share of income reserved for purchase of foreign currency, is also lower than last year and

sharp renminbi depreciation. The international reserves shrank to $3.23 trillion - the lowest level since 2012 - and the rates of reserve depletion went up. The

rely on international reserves in order to smooth the exchange rate dynamics. Figure 12. Renminbi exchange rate Figure 13. China’s international reserves Source: Bloomberg

of strategic reserves was used for domestic consumption. In May 2016, China continued to accumulate strategic reserves: the 12-month average of strategic reserve replenishment grew

the decision to transfer obligations to pay non-governmental life pensions and pension reserves of JSC NPF Blagovest and NPF Rodnik to another non-governmental pension fund.

in the FX market only to sustain financial stability or accumulate international reserves. The Bank of Russia will base its decision about such operations on

in Federal Treasury deposits and privatisation settlements, exceeded cash inflow from the Reserve Fund. As a result, structural liquidity deficit held in the banking sector.