Siluanov: the share of the yuan in Russia’s reserves will grow

Finance Minister Anton Siluanov believes that in the current conditions it is advisable to create reserves in gold and yuan. The role of the Chinese national currency in Russian reserves will grow, he said.

“Of course, the role of the yuan in the reserves will also grow. Therefore, in the current conditions, I think that if you create reserves and keep money in gold and foreign exchange reserves, then first of all, of course, this is gold, this is the yuan, but also a number of other currencies of friendly countries, ”said Mr. Siluanov (quote according to TASS).

International reserves of Russia as of September 1 reached $ 565.7 billion. As of August 1, they amounted to $ 576.9 billion. The share of the yuan in the international reserves of the Russian Federation is increasing, but remains insignificant relative to the main reserve currencies (dollar and euro). At the end of the first quarter of 2022, it amounted to 2.88%, which is comparable to the share of the Canadian dollar.

Russian President Vladimir Putin before declaredthat the ruble and yuan will be used in equal proportions in gas settlements with China. September 6 Gazprom and China National Petroleum Corporation (CNPC) approved transfer of payment for gas supplies through Power of Siberia into rubles and yuan.

Read about the growing popularity of the yuan in the material “Kommersant” “Banks connect yuan”.

Daria Erozbek