Russia buys yuan assets to diversify
Print Edition
RUSSIA’S central bank started buying yuan-denominated assets in the fourth quarter of last year as part of its drive to diversify its foreign-currency reserves.
The central bank said yesterday in a report on its foreign-currency assets that the yuan accounted for 0.1 percent of those assets by the end of 2015. In the third quarter, the yuan had not figured in the central bank’s forex assets.
A central bank spokeswoman said yuan assets did not yet count as part of Russia’s official gold and forex reserves, since the International Monetary Fund has not yet given the yuan reserve asset status.
But it is set to get that status in October.
The share of the US dollar in the central bank’s foreign-currency assets was unchanged in the fourth quarter at 47.5 percent.
The share of the euro fell from 38.9 percent at the end of the third quarter to 37 percent at the end of the fourth quarter, while the share of the pound rose from 9.5 percent to 9.9 percent.
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