Closing post
Time to wrap up... here are today’s main stories, first on inflation:
...Russia...
And also:
Goodnight. GW
Updated
US Treasury secretary Janet Yellen’s warning to countries not to undermine sanctions against Russia came hours after data showed China‘s trade with Russia jumped by more than 12% in March from a year earlier.
That outpaced the increase in Beijing’s trade with the rest of the world, according to Chinese customs data.
My colleague Phillip Inman explains:
Shipments to and from Russia increased 12.76% in March to $11.67bn, Chinese customs data showed on Wednesday, slowing from 25.7% growth in February, when Russia launched its invasion of Ukraine.
The decline in trade with Russia was less severe than the decline with other countries, fuelling concerns that China has maintained strong links with Moscow despite the atrocities perpetrated by the Russian military in Ukraine.
Growth in trade during March with the rest of the world was only 7.75%, after it increased to $505bn.
Beijing has refused to call Russia’s action an invasion and has repeatedly criticised what it says are illegal western sanctions to punish Moscow.
