China and Russia sign a slew of finance and trade deals, including a Rmb150 bln swap agreement; The HKMA courts Thai renminbi business with special promotions for the Chinese currency; China's Ministry of Finance announces up to 10% taxes on coal, oil and gas, while the Ministry of Commerce passes sugar tariff quotas.
Japan's thirst for coal has hit record levels. Exporters such as Australia and Russia are benefiting from the glut, with the former's currency performing well on the back of Japan's demand.