Russia and China set up yuan fund for joint investments

Russia and China set up yuan fund for joint investments

BEIJING - Reuters
Russia and China set up yuan fund for joint investments

Russia and China signed an agreement on June 8 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.

Rosatom to build four nuclear power units

On June 8, Russian state nuclear company Rosatom signed deals to build four nuclear power units in China, it said at a ceremony.

Rosatom will construct two units each at the Xudabao and Tianwan nuclear plants, it said.

All four units will feature Russia’s latest Gen3+ VVER-1200 reactors. The reactors and all other necessary equipment will be developed and supplied by Russia.

Rosatom did not provide an estimate of the cost.

Russia, China, economy, yuan, investment