Putin Backs Idea of Creating Russian-Chinese Fund in Yuan

Russian President Vladimir Putin supported the idea of creating an investment fund in yuan, proposed by the Russian Direct Investment Fund (RDIF) and China Development Bank, RDIF head Kirill Dmitriev said Saturday on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

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ST. PETERSBURG (Sputnik) — The RDIF head added that this idea was discussed during recent visit of Putin to China.

"China Development Bank has already granted to Russia loans worth $70 billion. It offered to work jointly with the RDIF on creating a yuan-denominated fund, which will allow Chinese investors to invest more in Russia. The president supported this idea," Dmitriev said in an interview with Rossiya 24 TV channel.

Dmitriev pointed out that the Russia-China Investment Fund (RCIF) had already made 19 investments, and was actively working.

"We even discussed the possible idea of creating a Russian-Chinese Bank, which will allow better engagement in national currencies," Dmitriev said.

The RDIF head stressed that relations between Russia and its Asian partners were developing rapidly, while the latter seemed to be more and more interested in joint projects.

The 21st annual SPIEF is a major global platform for business representatives where crucial economic issues are discussed. SPIEF is held between Thursday and Saturday. Sputnik is an official media partner of the forum.

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