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Ditching greenback: Russia slashes $40bn, to cut dollars share to zero

Russia has cut sovereign wealth fund by $40 billion and set to reduce its share of dollars to zero within the next month

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Russia’s sovereign wealth fund will take a punt on gold and slash $40 billion of US currency entirely out of its investment portfolio amid growing tensions with Washington, the country’s finance minister announced on Thursday.

Anton Siluanov said that the National Wealth Fund would reduce its share of dollars to zero within the next month. Speaking as part of the St. Petersburg International Economic Forum, he said that the process would be “fast enough” and would mirror a similar move by the country’s central bank to reduce assets held in American currency.

Under the plans, the proportion of dollars in the fund will fall from 35% to zero, while assets held in euro and the Chinese yuan will increase to 40% and 30%, respectively. The share of the British pound will halve, from 10% to 5%, while the investment vehicle will buy into gold for the first time, with 20% of its assets to be hedged on the precious metal. CULL FROM RTNEWS

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