June 8, 2018 / 9:48 AM / 5 months ago

Russia and China set up yuan fund for joint investments

BEIJING, June 8 (Reuters) - Russia and China signed an agreement on Friday to establish a new investment fund that will initially hold 1.5 billion yuan ($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.

$1 = 6.4080 Chinese yuan renminbi Reporting by Denis Pinchuk and Polina Nikolskaya; editing by Maria Kiselyova and Jason Neely

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