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Russia's wealth fund could add China's yuan as the Kremlin explores other currencies while sanctions keep dollar and euro assets frozen

Business Insider LogoBusiness Insider1 mo ago

Russia's wealth fund could add China's yuan as the Kremlin explores other currencies while sanctions keep dollar and euro assets frozen - Business Insider

Quick Summary:

In addition to the yuan, Russia's roughly $200 billion wealth fund could add Indian rupees and Turkish lira, the central bank said.

Still, economists have pointed out that the moves are primarily symbolic.

Finance Minister Anton Siluanov has signaled previously that Moscow could look to alternative currencies to top up the fund.

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Article Details

Author / Journalist: prosen@insider.com (Phil Rosen)

Category: Economy

Topics: China Dollars Dollar vs. yuan Lira Central Bank Moscow Currency Yuan Rupee Markets MI Exclusive Russia India

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-08-12, 15:25:26

News Timezone: GMT -5:00

News Source URL: markets.businessinsider.com

Language: English

Reading Time: 2 minutes read

Article Length: 220 words

Coverage Area: United States

Availability: Desktop Web, Mobile Web

News ID: 134255

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About Business Insider

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Main Topics: Economy

Official Website: businessinsider.com

Update Frequency: 117 posts per day

Year Established: 2007

Headquarters: United States

News Last Updated: 8h ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

News Language: English

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Publisher ID: #64

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