Russia will continue to limit the share of assets denominated in currencies of “unfriendly” countries in its National Wealth Fund (NWF), the Russian Finance Ministry said in a statement on Friday.
According to the statement, the share of the Chinese yuan in the NWF would be doubled from 30% to 60%, and the share of illiquid gold would increase to 40%, under the newly approved regulatory asset structure of the NWF.
At the same time, Russia will entirely remove dollar assets from its wealth fund and reduce sterling and Japanese yen balances to zero.
With these changes, the currency composition of the NWF will be better suited to the challenges Russia faces in the current macroeconomic and geopolitical conditions, the ministry said.
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