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2023. As the Bank of Russia has not been able to conduct reserve operations in US dollars or euros because of sanctions imposed in early 2022, Russian banks and corporates acquired $147bn in new assets abroad last year (figure 2)—and little is known about their physical locations or currencies of transaction. These funds may not formally belong to the Russian government, but they could be used to increase monetary and fiscal policy space
Russia reduces investment volume in US government securities to $29mn in July. Russia began to sharply reduce investments in US government debt in the spring of 2018 - in April their level decreased from $96bn to $48.7bn, in May - to $14.9bn
China's US Treasury holdings just fell to $835bn, a fresh 14-year low.
Their US Treasury holdings are down nearly 40% from recent highs. This comes as they cut taxes, lower rates on ~$6 trillion of mortgages and continue to stimulate their economy.
63 RUSSIA Country Report October 2023 www.intellinews.com
