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Sovereign Wealth Funds Briefing - Categorized | Investment, Reserve Currencies

Azerbaijan’s sovereign wealth fund to invest $1.8 billion in renminbi

Posted on 16 June 2014

Azerbaijan’s sovereign wealth fund will invest up to $1.8 billion in China’s renminbi this year, one of the biggest publicly-acknowledged investments in China’s currency. Shahmar Movsumov, the chief executive of the $37 billion State Oil Fund of Azerbaijan, said that the fund is applying for permission from Chinese regulators to access local currency assets and wants to start investing in them by the end of this year.
“It’s one of the currencies that are becoming important, so why not invest in renminbi?” Movsumov said, according to the Financial Times. “We are in the process of getting all the necessary preparations.”……………………………………….Full Article: Source


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