俄罗斯的Nabiullina将利率提高到21%。俄罗斯央行行长Elvira Nabiullina和她的副手Alexei Zabotkin周五在新闻发布会上发表讲话，此前央行将关键利率上调至21%，为2003年2月以来的最高水平。

Russia's Nabiullina on raising rates to 21%.Russian Central Bank Governor Elvira Nabiullina and her deputy Alexei Zabotkin addressed a news conference on Friday after the central bank hiked its key rate to 21%, the highest level since February 2003.

俄罗斯10年期自由贸易区的收益率为16.2%，仍接近10月9日触及的两年多来的最高点16.4%，原因是俄罗斯市场政府债券供应充足，俄罗斯银行日益强硬。央行在10月份的会议上将其关键政策利率上调至21%的历史新高，这是有史以来的最高水平，也高于市场对短期上调至20%的预期。俄罗斯央行还指出，由于俄罗斯经济的强劲需求继续超过有限的商品和服务能力，通胀预期不断恶化，因此可能会继续提高借贷成本。该行还指出，扩张性财政政策也导致了通胀压力，部分资金来自大量的OFZ发行。

The yield on the Russian 10-year OFZ was at the 16.2% mark, remaining close to the over-two-year high of 16.4% touched on October 9th amid the ample supply of government bonds in the Russian market and an increasingly hawkish Bank of Russia. The central bank raised its key policy rate to a record high of 21% in its October meeting, the highest on record, and above market expectations of a shorter increase to 20%. The CBR also noted it may continue to raise borrowing costs, citing deteriorating developments in inflation expectations as strong demand in the Russian economy continued to outstrip the limited capacity for goods and services. The bank also noted that expansionary fiscal policy also contributed to inflationary pressures, partially financed through ample OFZ issuing.

10月下旬，MOEX俄罗斯指数达到2720点，将其最近的跌幅扩大到9月中旬以来的最低水平，比5月份触及的今年高点低近25%，原因是资本管制、高利率、主要贸易伙伴的需求疲软以及西方制裁的持续影响对大多数行业的股市造成了压力。中国经济放缓的证据，特别是在商品生产领域，给莫斯科交易所重量级大宗商品生产商的盈利前景带来了压力。由于中国能源需求疲软，俄罗斯石油公司的交易价格接近一年低点，而谢韦尔钢铁公司在该国钢铁采购减少的情况下跌至16个月低点，而俄罗斯联邦储蓄银行则反映了由于总信贷需求下降导致的9月份MOEX的亏损。反过来，通胀预期飙升促使俄罗斯央行将利率上调至历史最高水平，突显出俄罗斯经济缺乏产能。

The MOEX Russia index was at the 2,720 mark in late October, extending its recent decline to the lowest since mid-September and nearly 25% below this year’s high touched in May as capital controls, high interest rates, poor demand from key trading partners, and the continued fallout of Western sanctions pressured equities across most sectors. Evidence of a slowing Chinese economy, particularly in goods-producing sectors, pressured the earnings outlooks for heavyweight commodity producers in the Moscow Exchange. Rosneft traded at near one-year lows due to poor energy demand in China, and Severstal sank to 16-month lows amid the country’s waning steel purchasing, while Sberbank mirrored the MOEX’s losses for September due to lower aggregate credit demand. In turn, soaring inflation expectations drove the CBR to lift rates to their record high, underscoring the lack of capacity in the Russian economy.

俄罗斯卢布兑美元汇率低于96，仍接近10月16日以来的一年低点97.5，因为联邦政府逐步放松资本管制的压力抵消了鹰派俄罗斯银行的影响。莫斯科交易所的制裁加剧了俄罗斯出口导向型公司的支付困难，增加了公司获得外汇以执行业务并将收入重新转换为卢布的难度。因此，联邦政府进一步放宽了对顶级出口企业的强制性转换，将其收入比例从今年早些时候的80%降至25%，大大降低了对卢布的需求。此外，卢布还受到中国经济悲观前景的压力，限制了外国对俄罗斯商品需求的预期。与此同时，由于通胀预期继续上升，CBR在10月份将关键利率上调至21%的创纪录水平。

The Russian ruble was weaker than 96 per USD, remaining close to the one-year low of 97.5 from October 16th as pressure from the gradual relaxation of capital controls by the Federal government offset the impact of a hawkish Bank of Russia. Payment difficulties for Russian export-oriented companies were magnified by sanctions on the Moscow Exchange, increasing the difficulty for firms to secure foreign exchange to execute operations and reconvert their revenues back to rubles. Consequently, the Federal government eased mandatory conversion further to 25% of revenues for top export businesses, compared to 80% of revenues from earlier in the year, significantly reducing demand for rubles. Further, the ruble was also pressured by the pessimistic outlook of the Chinese economy, limiting expectations of foreign demand for Russian goods. In the meantime, the CBR hiked its key rate to a record of 21% in October as inflation expectations continued to increase.