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Kremlin stubbornly invests in yuan despite heavy losses

Kremlin stubbornly invests in yuan despite heavy losses

The Kremlin cherishes the idea of challenging the US dollar’s status of the main reserve currency. Moscow responded to Beijing’s proposal to use the yuan in mutual trade settlements. Besides, “pundits” from the Bank of Russia revised the investment portfolio in favor of the renminbi. Such massive investment made Russia the world’s largest holder of state reserves in the Chinese yuan. Unfortunately, the central bank invested in the yuan at the peak of its value. After its political ally had piled up the forex reserves with the renminbi, China’s monetary authorities conducted devaluation of the national currency. Goldman Sachs estimates that the Kremlin’s zeal inflicted heavy losses of $8 billion on the domestic economy. As a result of large-scale devaluation, the yuan has shed nearly 13% against the US dollar since early 2018. Remarkably, the failed diversification of the forex reserves does not discourage Russia to consider the yuan an asset to buy. Friendship is forever! «Our Chinese friends believe that it is too early to make any liberalisation decisions. But the stability of the Chinese currency is obvious,» President Vladimir Putin said at the 11th VTB Capital investment forum. Such high-level support greenlights the yuan’s broad involvement in the Russian economy. “We are pushing ahead with this idea at the level of the finance ministries and central banks. Meanwhile, the share of mutual settlements in the national currencies is still modest. I hope this volume will be scaled up in the short term. We have weighty reasons to believe in it,” the Russian leader confirmed the official stance.

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