Russia's finance ministry on Friday said the maximum possible share of Chinese yuan in its National Wealth Fund (NWF) had been doubled to 60% as it restructures its rainy-day fund to reduce dependency on currencies from so-called 'unfriendly' nations.
Banknotes of Chinese yuan and Russian rouble are seen amid flags of China and Russia in this illustration picture taken September 15, 2022. REUTERS/Florence Lo/IllustrationThis content was produced in Russia where the law restricts coverage of Russian military operations in Ukraine
Russia has been using its NWF, which stood at $186.5 billion as of Dec. 1, to finance its widening budget deficit this year. After the West blocked Russia's central bank from dealing in U.S. dollars, euros and pounds, and froze around half - or $300 billion - of its international reserves, Moscow accelerated a campaign to shift its substantial reserves into more accessible currencies.
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