Russia buys quarter of world’s yuan reserves in shift from dollar

Bloomberg/Natasha Doff and Anna Andrianova/1-9-2019

“Russia’s central bank dumped $101 billion in U.S. holdings from its huge reserves, shifting into euros and yuan last spring amid a new round of U.S. sanctions. The central bank moved the equivalent of $44 billion each into the European and Chinese currencies in the second quarter, according to a report published on late Wednesday by the Bank of Russia, which discloses the data with a six-month lag. Another $21 billion was invested in the Japanese yen.”

USAGOLD note:   We should not forget that Russian, the third largest gold miner in the world, is channeling its gold production into central bank reserves as well.  “We aren’t ditching the dollar,” Bloomberg quotes Russian President Vladimir Putin. “The dollar is ditching us.”

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