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Sovereign Wealth Funds Briefing - Categorized | Investment, Reserve Currencies

The State Oil Fund of Azerbaijan starts investing in renminbi

Posted on 31 July 2014

The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has applied to the People’s Bank of China (PBoC) for indirect renminbi investment in China’s onshore market to diversify its current investment portfolio. According to Israfil Mammadov, deputy CEO of SOFAZ, the Fund applied for the PBoC quota not long ago.
“We intend to invest in a gradual manner, initially through Chinese government debt securities. As our experience grows, we will consider other investment tools available in the Chinese financial markets,” said Mammadov. Mammadov said the decision was made as a result of a careful evaluation of the SOFAZ portfolio and with the aim of using various opportunities in Chinese markets………………………………………..Full Article: Source


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