Russia and China set up yuan fund for joint investments

Russia and China set up yuan fund for joint investments

FILE PHOTO: A China yuan note is seen in this illustration photo May 31, 2017.
REUTERS/Thomas White/Illustration/File Photo
BEIJING: Russia and China signed an agreement on Friday to establish a new investment fund that will initially hold 1.5 billion yuan (US$234 million) under management and support financial and industrial projects in Russia and China.The agreement was signed by the Russia-China Investment Fund, Suiyong Capital and the Dazheng Investment Group.
The fund's target capital will be 5 billion yuan."The Fund will engage in the implementation of strategically important investment projects, focused on the Central Federal District, the Far East of Russia and the north-eastern part of China," said Kirill Dmitriev, CEO of the Russian Direct Investment Fund.
Source: Reuters/aa
 Source : http://www.channelnewsasia.com/news/world/russia-and-china-set-up-yuan-fund-for-joint-investments-10409662