RMB may be included in Russia's forex reserves

16:00, October 23, 2009      

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Russia's U.S. dollar and euro based foreign exchange reserve structure will not change significantly in the mid-term, and Russia may add a new reserve currency- RMB to its foreign exchange reserves, Russian vice-premier concurrently Minister Alexei Kudrin said, according to a report from China National Radio.

At present, the portion of U.S. dollars in Russia's forex reserves has declined to 49 percent, and euros' portion increases to 41 percent. Pound and other currencies take up 10 percent.

Kudrin doesn't exclude the possibility of further advancing the diversification of foreign exchange reserves. In a few years, the International Monetary Fund Special Drawing Rights may be included in the foreign exchange reserves. In light of gross domestic product (GDP), China is the world's second-largest economy. Because of the growing influence of the RMB, yuan may also join Russia’s foreign exchange reserves, he said.

By People's Daily Online
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