The People’s Bank of China (PBOC) held the interest rate on the one-year medium-term lending facility (MLF) steady at 2 per cent, according to a statement on Dec 25. Nine out of the 10 economists surveyed by Bloomberg forecast no change. The rate was last cut in September by 30 basis points.

Russia's rail industry is in its worst downturn since the Great Financial Crisis, according to an estimate from MMI Research.

Russia faces increasing difficulty shipping commodities to China through its vast eastern rail network, a sign of the growing economic challenges stemming from war and sanctions, despite the Kremlin’s assurances that all is well.