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Bye bye USD: Putin Backs Idea of Creating Russian-Chinese Fund in Yuan - Russian Direct Investment Fund

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 ESET    1,190

Russian President Vladimir Putin supported the idea of creating an investment fund in yuan, proposed by the Russian Direct Investment Fund (RDIF) and China Development Bank, RDIF head Kirill Dmitriev said Saturday on the sidelines of the St. Petersburg International Economic Forum.

The RDIF head added that this idea was discussed during recent visit of Putin to China.

"China Development Bank has already granted to Russia loans worth $70 billion. It offered to work jointly with the RDIF on creating a yuan-denominated fund, which will allow Chinese investors to invest more in Russia. The president supported this idea," Dmitriev said in an interview with Rossiya 24 TV channel.

Dmitriev pointed out that the Russia-China Investment Fund (RCIF) had already made 19 investments, and was actively working.

"We even discussed the possible idea of creating a Russian-Chinese Bank, which will allow better engagement in national currencies," Dmitriev said.



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 ESET    1,190

No Set Date for Introduction of Russia-India Trade in National Currencies

On Thursday, Russia and India signed a joint declaration on coordinating efforts to introduce trade in national currencies to reduce dependence on other currencies.

"The concerned minister in Russia and us will have to have our teams work on details, after which we will arrive at a convenient time of when we can start it [the Indian-Russian trade in national currencies]… Some details getting into specifics will have to be worked [out] with the finance ministries of both countries after which we can announce [the date]," Sitharaman said on the sidelines of the St. Petersburg Economic Forum (SPIEF).



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