In June 2015 the State Oil Fund of Azerbaijan (SOFAZ) plans to invest $500 million into the bonds in Chinese Yuan.
SOFAZ Executive Director Shakhmar Movsumov said that the agreement has been signed with the Chinese Central Bank.
“We already have agreement with the Chinese Central Bank and recently our Securities Committee have signed the document, which will allows us starting investments,” he said in his exclusive interview to Trend news agency.
Last week the Azerbaijan State Securities Committee and the chairman of the Chinese Commission for Regulation of Securities Market signed the memorandum envisaging protection of investors and encouraging integrity of the securities markets, futures and other investment instruments by expanding the frameworks of cooperation and strengthening exchange of regulating and technical information.
By early this year 34% assets of the Oil Fund were in Euro, 1.2% in Russian rubles, Turkish Lira and Korean won. Another 0.5% fell to Australian currency and the remaining part was in the US dollars.