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Russia May Double Share of Yuan in Wealth Fund: Statement

RUSSIA
  • (Bloomberg) -- Russia continues to consistently reduce the share of currencies of “unfriendly” states in its National Wellbeing Fund, Finance Ministry says in statement.
  • Russia sets the maximum share of yuan-denominated assets at 60% vs. 30% previously.
  • Maximum share of gold is increased to 40% from 20%.
  • Russia also “excludes the possibility of investing the Fund’s assets in assets denominated in US dollars”.
  • Wealth fund account balances in GBP and JPY at the Bank of Russia have now been zeroed out.

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