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Sovereign Wealth Funds Briefing - Categorized | Market, Reserve Currencies

Azerbaijan’s oil funds turning into Chinese Yuan

Posted on 01 August 2014

Azerbaijan’s state oil fund SOFAZ which is in charge of accumulating and managing the country’s oil and gas revenues have taken some measures to include Yuan in its currency portfolio. SOFAZ Deputy Executive Director Israfil Mammadov said the fund has appealed to the People’s Bank of China to obtain quotes on indirect investment in the Chinese yuan onshore market with a view to diversify its investment portfolio.
The fund, established in 1999 aimed at transforming rising hydrocarbon reserves into financial assets, started investing in new asset classes such as equities, real estate, and gold, as well as diversifying its currency portfolio toward the Turkish lira, Russian ruble, and Australian dollar, from 2012………………………………………..Full Article: Source


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