The sovereign wealth fund of Azerbaijan plans to invest up to $1.8bn in renminbi this year, in what would be one of the largest investments in the Chinese currency to be made public as it rapidly moves towards reserve currency status.
Shahmar Movsumov, the chief executive of Sofaz, the $37bn State Oil Fund of Azerbaijan, told the Financial Times the fund was applying for permission from Chinese regulators to access renminbi assets and hoped to start investing by the end of the year.
“It’s one of the currencies that are becoming important, so why not invest?” he said. “We are in the process of getting all the necessary preparations.”
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