Economy and Debt Markets Navigator 03/07/2024

* The ruble ended yesterday's session at CNY/RUB 11.81 (-0.6%), while USD/RUB perpetual futures closed at 87.66 (+0.2%). Trading volumes on MOEX contracted by 23.5% to RUB 131 bln. The Minfin is expected to announce its plans regarding FX operations. Given the reduction in additional FX sales by the CBR, we believe that net daily market volumes under the budget rule may decrease to RUB 2.0-3.5 bln starting Friday (RUB 3.7 bln per day earlier).Against this backdrop, the ruble may resume weakening in the coming days and approach the CNY/RUB 12.0 mark. * The OFZ market was mixed yesterday, with yields at the short end of the curve falling by up to 5 bps, while those on long papers, by contrast, added 5 bps. Trading volumes were lackluster at RUB 8.8 bln, with most activity concentrated in 2-3 issues. At today's auctions, the Minfin will offer the market the long-dated fixed-coupon OFZ 26248 (May 2040) and the OFZ 29025 floater (August 2037).