Russia to Cut Dollar Share in National Wealth Fund
MOSCOW (RT) -Russia wants to reduce the U.S. dollar share in its National Wealth Fund, as it looks to invest in the Chinese yuan and other foreign currencies, Deputy Finance Minister Vladimir Kolychev has announced.
"I can say with certainty that the share of the U.S. dollar will be smaller,” the official told reporters on Wednesday. "Different currencies are being considered, all the reserve ones... including the yuan.”
While the deputy minister did not elaborate on the exact amount of the dollar cut, he said that the National Wealth Fund’s currency structure will be similar to that of the Russian central bank’s reserves. In one year, the country's regulator halved the U.S. currency share from its international holdings, with the dollar share falling to 23.6 percent as of the end of March.
"I can say with certainty that the share of the U.S. dollar will be smaller,” the official told reporters on Wednesday. "Different currencies are being considered, all the reserve ones... including the yuan.”
While the deputy minister did not elaborate on the exact amount of the dollar cut, he said that the National Wealth Fund’s currency structure will be similar to that of the Russian central bank’s reserves. In one year, the country's regulator halved the U.S. currency share from its international holdings, with the dollar share falling to 23.6 percent as of the end of March.