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Date: 5 months ago   Category: Finances

Russia is shifted in yuans


In a year the share of reserves in the Chinese currency grew from 0.1% to 14.7% at the beginning of July, 2018. At the same time the volume of assets in dollars was reduced twice, follows from the quarterly report of the Central Bank of the Photo: Kim Kyung-Hoon/Reuters the Central Bank in the II quarter of last year brought a share of reserves in the Chinese currency to 14.7%, euro — to 32%, having cut by half, to 22%, a share of assets in US dollars. In absolute expression the Russian reserves in the American currency decreased more than by 100 billion dollars. What such decision is connected with, the asset manager of the International fund of private investments Alexander Dushkin explains: Alexander Dushkin the asset manager of the International fund of private investments "The Central Bank of Russian Federation publishes similar information with a delay in six months therefore all these six months was a big riddle where invested money. They enclosed in yuan and euro. If with euro clear that this very reliable decision, then with yuan this decision is very good for China. It supports yuan, helps the Chinese economy, instills confidence in investors that with China everything will be as it should be as the similar strong large positions moving from one currency in another form including currents in the markets. I think that for the last day strengthening of yuan is in many respects connected including with this information. I think that when this decision was made, they were under the huge pressure as could assume possible freezing of the assets of the Russian Federation which are in dollars and government bonds of the USA therefore this decision was made. Of course, it was difficult for them at that moment, but, probably, it was correct. If to speak about consequences, now the market will understand that the Chinese economy has a good big ally and that he will constantly give support in the foreign exchange market to yuan because now, most likely, Russia will constantly buy yuan in the market". As appears from data of the Central Bank, profitability of portfolios of currency assets since July of the 2017th in June last year in the Chinese yuans made 3.2%. It is the highest rate among reserve currencies. Papers in euro had negative profitability — minus of 0.17%. To add BFM.ru to your sources of news?

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