Economics
Russia Buys Quarter of World Yuan Reserves in Shift From Dollar
- Central bank moves reserves to euros, yuan in broad shift
- Fearing more U.S. sanctions, Russia moved out of dollar
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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.