Russia adds yuan as currency reserve

The Central Bank of Russia has included the Chinese yuan in its reserve currency basket, TASS reports. The move is expected to boost the yuan’s presence in the Russian financial market.

As of December 31, 2014, the latest data available, the US dollar was still dominating Russia’s forex basket at 44 percent. The second most-used foreign currency was the euro with 42 percent. The British pound made up 9.5 percent.

According to Vesti.Finance, the Central Bank made the decision in November, but hasn’t bought the yuan yet.

Read more » RT
See more » https://www.rt.com/business/323639-russia-adds-yuan-reserve-currency/

 

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