Azeri Oil Fund to Invest $500 Million in Yuan, Keep Ruble Assets - Bloomberg

Azeri Oil Fund to Invest $500 Million in Yuan, Keep Ruble Assets - Bloomberg:



"Azerbaijan’s State Oil Fund, known as Sofaz, will invest $500 million in yuan assets this year and continue to pursue real estate across Asian markets to diversify its portfolio, the fund’s executive director said.



“At the end of last year, we approved a quota to invest in the renminbi,” Shahmar Movsumov said in an interview in Davos, Switzerland, referring to the Chinese currency also known as the yuan. “We’re completing all the necessary paperwork and this year will start investing the whole amount” of $500 million.



Sofaz, established in 1999 to manage the Caspian Sea nation’s income from energy sales, started investing in gold, Australian dollars, Russian rubles and real estate in 2012, buying prime office and trade centers in London, Paris, Moscow and Seoul. The fund’s $37.3 billion of assets on Oct. 1 equaled about half of the nation’s economy."



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