Russia Mulls Big Purchases of ‘Friendly’ FX to Stem Ruble’s Rise
- Government considers overhaul of reserves amid sanctions
- Draft calls for selling yuan holdings later over 3-5 years
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Russia is considering a plan to buy as much as $70 billion in yuan and other “friendly” currencies this year to slow the ruble’s surge, before shifting to a longer-term strategy of selling its holdings of the Chinese currency to fund investment.
The plan won initial support at a special “strategic” planning meeting of top government and central bank officials including Governor Elvira Nabiullina on Aug. 30, according to people familiar with the deliberations who spoke on condition of anonymity to discuss matters that aren’t public.