NOURNEWS - China's foreign ministry says Beijing welcomes Russia's move to drop the dollar from its national wealth fund and make more use of the yuan.
Last week, Russia completely removed the dollar from its National Fund assets, effectively reducing its share of the fund's total assets to zero. It also increased the yuan's share of the National Wealth Fund from 30 percent to $ 39.7.
Chinese Foreign Ministry spokesman Wang Wenbin said: "Russia's action shows its confidence in the development of China's economy and the future of cooperation between the two sides."
He stressed that China would continue to increase its cooperation with Russia because, while this cooperation is aimed at supporting the two countries' allies, it has also increased the mutual benefits of cooperation between the two countries to two times.
China is determined to support the yuan and hopes to make the yuan the world's leading currency by 2050, in line with its policies.
NOURNEWS