The government allowed to place the FNB funds in the yuan

The Cabinet of Ministers introduced China into the list of states, in the debt obligations of which it is possible to invest the funds of the National Welfare Fund (FNB). Mikhail Mishustin, Prime Minister of the Russian Federation, signed the corresponding amendments to the decision on the procedure for managing the FNB funds on April 26. Earlier, the Ministry of Finance made such a proposal, Interfax reports.

The document is published on the portal of legal acts. It clarifies that the volume of the release of China bonds should be at least 1 billion yuan.

FNB funds can be invested in Yuan and Chinese government bonds.

Earlier, the Minister of Finance of the Russian Federation Anton Siluanov announced plans to bring the FNB currency structure in accordance with the structure of international (gold and foreign exchange) reserves of the Bank of Russia (the share of assets in Chinese yuans amounted to 13.2%on June 30, 2019 ($ 68.4 billion equivalently), in the euro - 30.6%, in the pounds of Sterling - pounds 6.0%, in Canadian dollars - 2.4%, in Australian dollars - 0.8%, in Japanese yen - 3.7%).

The volume of the Federal Tax Service as of April 1, 2020 amounted to 12 trillion 855.75 billion rubles, or 11.3% of GDP, which is equivalent to $ 165.384 billion. $ 57 billion 232.2 million, 49 billion 484 million euros, 9 billion 616.2 million pounds and 1 trillion were placed in certain accounts for accounting for the FNB Bank. 494.25 billion rubles.

The funds of the fund are allowed to place in financial assets nominated in rubles, dollars, euros, pounds of sterling, Australian and Canadian dollars, Swiss francs and yen; In debt obligations in the form of securities of the governments of Australia, Austria, Belgium, Great Britain, Germany, Denmark, Ireland, Spain, Canada, Luxembourg, the Netherlands, the USA, Finland, France, Switzerland, Sweden and Japan.