The main events by the morning: December 28

• Starting from January 1, 2025, China will reduce import duties on ethane and some types of secondary copper and aluminum raw materials. Since the beginning of the year, 935 types of goods will be subject to a temporary import duty below the rate for most-favored-nation countries. The main goal of the authorities is to increase imports of high-quality goods, expand domestic demand and promote high-level openness.

• The Joe Biden administration intends to allocate a new package of military aid to Ukraine early next week. Its total amount will be $1.25 billion.

• Starting from January 1, Russia will impose a 5% duty on exports of peas, chickpeas and lentils. This fee for the export of leguminous crops from Russia outside the Eurasian Economic Union will be in effect on an ongoing basis. The authorities believe that this will help maintain a «rational balance between exports of leguminous crops and domestic consumption.» Flexible export duties are applied until the end of this year, ranging from 4% to 7%, depending on the ruble exchange rate.

• The US Treasury expects to reach the debt ceiling by January 23. U.S. Treasury Secretary Janet Yellen told Congress that on January 2, the national debt is expected to decrease by about $54 billion «due to the planned repayment of non-marketable securities.» As a result, the authorities will not have to take emergency measures to prevent default on the bonds. It is expected that the debt ceiling will be reached from January 14 to January 23. 

• The Argentine peso became the most strengthened currency in 2024 – by 44% against the basket of currencies of trading partners. The appreciation of the peso has affected the parallel foreign exchange market, where Argentines buy dollars due to restrictions on access to the official exchange rate. At the same time, the foreign exchange reserves of the Central Bank of Argentina were almost empty due to the support of the high peso exchange rate. It is expected that a devaluation may occur in the event of a devaluation of the real in Brazil or an increase in tariffs in Argentina.