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Published on Gold Anti-Trust Action Committee (http://gata.org)

Russia buys quarter of world yuan reserves in shift from dollar

By cpowell
Created 2019-01-10 14:56

By Natasha Doff and Anna Andrianova
Bloomberg News
Wednesday, January 9, 2019

Russia's central bank dumped $101 billion in U.S. holdings from its huge reserves, shifting into euros and yuan last spring amid a new round of U.S. sanctions.

The central bank moved the equivalent of $44 billion each into the European and Chinese currencies in the second quarter, according to a report published late today by the Bank of Russia, which discloses the data with a six-month lag. Another $21 billion was invested in the Japanese yen.

... Dispatch continues below ...


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The Chinese currency accounted for 15 percent of total holdings at the last reading, up from 5 percent at the end of the first quarter, according to the report. That puts Russia's yuan share at about 10 times the average for global central banks, with its total holdings of the currency accounting for about a quarter of world reserves in yuan, according to International Monetary Fund data. Morgan Stanley estimated Russia was the main buyer of Chinese bonds last year. ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2019-01-09/russia-boosted-yuan-e... [2]

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Source URL:
http://gata.org/node/18752