The Ministry of Finance will increase the marginal share of yuan in the NWF to 80%

The Ministry of Finance will increase the marginal share of yuan in the NWF to 80%

30 декабря 2022, 07:47
The Russian Ministry of Finance is going to exclude euros, pounds sterling and yen from the currency structure of the National Welfare Fund, and plans to increase the marginal share of yuan to 80%.

According to Vedomosti, referring to sources and the text of the ministry's order, the maximum share of gold will also be increased to 40%. Last year, the agency approved the proportions according to which the NWF should consist of 39.7% euros, 30.4% yuan, 20.2% gold, 5% pound sterling, 4.7% yen. As of December 1 of this year, the volume of the FND was estimated at 11.4 trillion rubles. The Ministry of Finance and the Bank of Russia have not officially commented on the proposed redistribution of shares in the fund.

The yuan bull was included in the structure of the NWF in February last year. Finance Minister Anton Siluanov said earlier this week that the ministry, within the framework of the budget rule, plans to replenish the NWF in yuan from January. The yuan "has the characteristics of a reserve currency and sufficient liquidity" in the Russian domestic foreign exchange market.

It should be noted that the Chinese government has imposed restrictions on currency transfers in yuan to customers of at least one Russian bank. Since the beginning of this year, Russians have spent 370 billion rubles to buy foreign currency. On the eve it became known that the Chinese payment system Unionpay introduced daily and annual limits on cash withdrawals from its cards issued by Russian banks.

#Yuan #Ministry of Finance #Currency #Money #Economy #NWF
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