{"id":127470,"date":"2021-06-03T17:41:27","date_gmt":"2021-06-03T17:41:27","guid":{"rendered":"https:\/\/precoinnews.com\/?p=127470"},"modified":"2021-06-03T17:41:27","modified_gmt":"2021-06-03T17:41:27","slug":"russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/","title":{"rendered":"Russian rainy day fund to abandon all assets in U.S. dollars"},"content":{"rendered":"

ST PETERSBURG (Reuters) – Russia on Thursday said it would ditch all U.S. dollar assets in its National Wealth Fund (NWF) and increase holdings in euros, Chinese yuan and gold in what analysts said was a political move ahead of a presidential Russia-U.S. summit later this month.<\/p>

Display showing euro and dollar signs is seen next to a no-walk light in Moscow, Russia November 2, 2020. REUTERS\/Maxim Shemetov\/Files<\/figcaption>

Russia has been gradually reducing its dollar holdings since the imposition of Western sanctions following Moscow\u2019s annexation of Crimea in 2014, and has sought to partially decouple from the Western financial system.<\/p>\n

Tim Ash at BlueBay Asset Management said the move was designed to send a signal ahead of a summit between President Vladimir Putin and his U.S. counterpart Joe Biden on June 16.<\/p>\n

\u201cLike the central bank, we have decided to reduce investments of the NWF in dollar assets,\u201d Finance Minister Anton Siluanov said at the St Petersburg International Economic Forum.<\/p>\n

After the changes, that will be finalised within a month, the fund will hold 40% of its assets in euros, 30% in yuan and 20% in gold. The Japanese yen and British pound will account for 5% each, Siluanov said.<\/p>\n

The dollar share will drop from 35%, while the share of pounds will be halved. Gold will be added to the NWF for the first time.<\/p>\n

The rouble firmed marginally on the news, although First Deputy Prime Minister Andrei Belousov said he did not expect the change to affect the exchange rate.<\/p>\n

Analysts at ING said the move implied selling $40 billion in favour of gold, yuan and euro.<\/p>\n

Russia\u2019s NWF, which accumulates Russia\u2019s oil revenue and was initially designed to support the pension system, stood at $185.9 billion as of May 1. It forms part of Russia\u2019s gold and FX reserves that totalled $600.9 billion on May 27.<\/p>\n

Russia\u2019s central bank slashed its holdings of U.S. Treasuries in 2018 and cut the dollar share in its gold and forex reserves in 2020 to 21.2% as of Jan. 1, down from 24.5% a year earlier. The central bank reports that data with a six-month lag.<\/p>\n

\u201cThis process of dedollarisation is taking place not only in our country, but in many countries around the world that have started to have concerns about the reliability of the world\u2019s reserve currency,\u201d said Kremlin spokesman Dmitry Peskov.<\/p>\n

($1 = 73.1750 roubles)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

ST PETERSBURG (Reuters) – Russia on Thursday<\/p>\n","protected":false},"author":3,"featured_media":127469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nRussian rainy day fund to abandon all assets in U.S. dollars - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Russian rainy day fund to abandon all assets in U.S. dollars - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"ST PETERSBURG (Reuters) – Russia on Thursday\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-03T17:41:27+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/Russian-rainy-day-fund-to-abandon-all-assets-in-U.S.-dollars.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/\",\"name\":\"Russian rainy day fund to abandon all assets in U.S. dollars - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2021-06-03T17:41:27+00:00\",\"dateModified\":\"2021-06-03T17:41:27+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Markets\",\"item\":\"https:\/\/precoinnews.com\/category\/markets\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Russian rainy day fund to abandon all assets in U.S. dollars\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Russian rainy day fund to abandon all assets in U.S. dollars - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/","og_locale":"en_US","og_type":"article","og_title":"Russian rainy day fund to abandon all assets in U.S. dollars - Pre Coin News","og_description":"ST PETERSBURG (Reuters) – Russia on Thursday","og_url":"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/","og_site_name":"Pre Coin News","article_published_time":"2021-06-03T17:41:27+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/Russian-rainy-day-fund-to-abandon-all-assets-in-U.S.-dollars.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/","url":"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/","name":"Russian rainy day fund to abandon all assets in U.S. dollars - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2021-06-03T17:41:27+00:00","dateModified":"2021-06-03T17:41:27+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/markets\/russian-rainy-day-fund-to-abandon-all-assets-in-u-s-dollars\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Markets","item":"https:\/\/precoinnews.com\/category\/markets\/"},{"@type":"ListItem","position":3,"name":"Russian rainy day fund to abandon all assets in U.S. dollars"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/127470"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=127470"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/127470\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/127469"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=127470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=127470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=127470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}