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Russia abandons the US dollar in 2018 and increases its holdings of nearly 300 billion yuan in foreign exchange reserves.

January 11, 2019 17:25
source: China Financial Information Network

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Summary
[Russia abandons the US dollar and holds nearly 300 billion yuan in foreign exchange reserves in 2018] The Russian central bank issued the "Report on Foreign Currency and Gold Management in the First Half of 2018" issued by the Russian Central Bank on the 10th. As of the end of June 2018, the US dollar accounted for Russia's international reserves. At 21.9%, at the end of March 2018, the US dollar accounted for 43.7% of Russia's international reserves.

In 2018, the share of the US dollar in Russia's international reserves further decreased.

The Russian Central Bank’s “Report on Foreign Currency and Gold Management in the First Half of 2018” issued by the Russian Central Bank on the 10th shows that as of the end of June 2018, the US dollar accounted for 21.9% of Russia’s international reserves. At the end of March 2018, the US dollar was in Russia. The share of reserves is 43.7%.

The report pointed out that in the second quarter of 2018, the Russian central bank increased the proportion of holding gold and other foreign currencies. In the Russian international reserve, the US dollar has been reduced from US$20 billion to approximately US$100 billion, and the holdings of the US dollar have increased from US$102 billion to US$147 billion, and the holdings of RMB have increased from US$23 billion to US$67 billion. By the end of June 2018, the renminbi accounted for 14.7% of Russia's international reserves.

Russian international reserves includeforeign exchange reservesGold reserves, in the internationalMonetary FundOrganizational reserve positions and special drawing rights, etc. Russia's international reserves are jointly controlled by the Russian government and the central bank and are mainly used to deal with economic risks. According to data released by the Russian central bank, as of the end of 2018, Russia's international reserves were 466.9 billion US dollars.

(Article source: China Financial Information Network)

                (Editor: DF134)

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