Russia diversifies state reserves due to economic, political risks: central bank

MOSCOW (Reuters) – Russia is diversifying its state foreign currency reserves more than other countries because of the economic and political risks that it is facing, Central Bank Governor Elvira Nabiullina said on Tuesday.

Russia has recently increased holdings of Chinese yuan and lowered the share of U.S. dollars in its reserves.

Speaking at a conference on the international monetary system in Zurich, Nabiullina said the Russian central bank stands ready to use FX swaps and repo operations if it sees a need to calm markets during times of stress.