Trading Dollars for Yuan: How Wise Is Russia’s Reserves Management? (Carnegie Moscow Center)

The greatest risk, which will grow together with funds and reserves, is that of the open or creeping politicization of investment. In other words, the state will choose to invest in “friendly” but unstable currencies, as well as to extend loans to even “friendlier” states and companies. Experience of past crises should make the responsible government agencies stay well away from such initiatives—as far as it’s politically possible.

https://carnegie.ru/commentary/78329

Anton Tabakh

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