Russian Finance Minister Anton Siluanov said that Russia intends to replenish the resources of the National Welfare Fund in Chinese yuan starting next year 2023.
The Russian minister told reporters today, Wednesday: “From January next year, the fiscal rule will apply, and we will decide on replenishing the reserves of the National Welfare Fund to hedge exchange rate risks.” Among the currencies of friendly countries, the yuan has good characteristics, so resources will be replenished.”
Moscow created the fund more than 10 years ago and accumulated a portion of oil revenues during the oil price boom to serve as a cushion for the country during crises and low prices for crude oil, a traditional Russian export.
The important point is that the money accumulated in the National Wealth Fund is different from Russia’s international reserves, which include gold, currency and drawing rights.
Source: TASS