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Russia to Start Buying Chinese Yuan for Wealth Fund

RUSSIA
  • Russia will restart FX operations under the fiscal rule, buying or selling Chinese yuan on the local market from Jan. 13, the Finance Ministry and central bank said in a statement (BBG).
  • These headlines are largely in-line with expectations. On Dec 30, the Finance Minister told reporters that the ministry intends to replenish the National Wealth Fund in yuan as part of the budget rule.
  • The finance ministry further clarified last year that the Wealth Fund will not be invested in USD assets.

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