FX, bonds and rates weekly

* The ruble appreciated by 0.1% against the dollar last week and by 1.0% versus the yuan despite expectations of more significant gains amid the onset of the tax period. This week, we expect the ruble to return to a range of USD/RUB 90-92. * Last week was dominated by meetings of leading central banks: the Fed and the BoE expectedly kept their rates unchanged, while the Swiss National Bank unexpectedly became the first major central bank to cut its key rate by 25 bps. Yields on soeverign bonds declined. * At Friday's meeting, the CBR’s board of directors left the key rate unchanged at 16% while keeping its signal unchanged. * The OFZ market weakened, with yields on issues with maturity of up to 5Y ending the week around 10 bps higher, while those on longer issues climbed by 17-22 bps. * Inflation in Russia increased to 0.06% WoW over the March 12-18 period from zero a week earlier.