Russia increases the yuan’s share in the National Welfare Fund

Russia raised the ceiling for the yuan’s participation in the National Welfare Fund from 30 to 60 percent, and the ceiling for gold’s participation from 20 to 40 percent.

In a written statement from the Russian Ministry of Finance, it was indicated that new structural changes regarding the reserves held in the National Welfare Fund were approved.

In the statement, which reported that the yuan’s maximum stake limit was increased from 30 to 60 percent, it was noted that the gold’s maximum stake limit was increased from 20 to 40 percent.

COMPANIES AND BANKS AWAY FROM THE DOLLAR

In the statement, it was emphasized that the share of the currencies of “unsympathetic” countries in the National Welfare Fund will continue to steadily decline.

The Russian government announced that it was using the National Welfare Fund, which was approximately $186 billion as of December 1, to close the budget deficit.

As banks and businesses move away from the dollar due to sanctions in Russia, the use of friendly country currencies, especially the yuan, is becoming more common in trade.

The Central Bank of Russia also reported that efforts were made to buy Turkish lira, yuan and rupees to use for its reserves. (AA)