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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 percent as it restructures its rainy-day fund to reduce dependency on currencies from so-called “unfriendly” nations.
The ministry said the permitted share of gold in the NWF would also be doubled, to 40 percent. It said balances in the British pound and Japanese yen had been reduced to zero.
Russia has been using its NWF, which stood at $186.5 billion as of Dec. 1, to finance its widening budget deficit this year.
“The Russian finance ministry is continuing its consistent reduction of the share of currencies of ‘unfriendly’ states in the structure of the National Wealth Fund’s assets,” the ministry said in a statement.
