Russia’s Finance Ministry announced on July 6 that their National Wealth Fund (NWF) has completed transactions, as of July 5, that boosted shares in the euro (39.7%), Chinese yuan (30.4%) and gold (20.2%), and has fully eliminated the U.S. dollar (35% to 0%) while dropping the British pound to 5% and the Japanese yen to 4.7%. The yuan had first been added to the NWF only this February.
The statement explained that the yuan and the euro are “the currencies of Russia’s leading foreign economic partners” and that gold is “an asset capable of protecting the NWF’s investments from inflationary risks.” The actions were aimed “at ensuring the safety of the NWF funds in the context of macroeconomic and geopolitical trends of recent years, and decisions aimed at ‘de-dollarization’ of the Russian economy.”
