14:55 - 24.01.2025

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January 24, Fineko/abc.az. The State Oil Fund of Azerbaijan (SOFAZ) increased investments in the Chinese yuan up to $1.6 billion in 2024, ABC.AZ reports, quoting SOFAZ executive director Israfil Mammadov.

"SOFAZ is constantly reviewing its portfolio, closely following trends in global financial markets, and making appropriate changes if necessary. This year, as in the past, the currency structure of the portfolio will be dominated by major reserve currencies such as the US dollar, the British pound and the euro. At the same time, attention is also being paid to expanding opportunities for diversification in other currencies," he said.

Referring to investments in China, Mammadov noted that there has been a recent trend in global financial markets towards increasing investments in China by global investors.

"Against the background of current events last year, special attention was paid to investments in the Chinese yuan as part of diversification of SOFAZ's investment portfolio. If at the beginning of 2024 investments in the Chinese yuan amounted to $550 million, then during the year the volume of such investments grew by $1 billion and reached $1.6 billion. By the end of last year, the share of investments in China in SOFAZ's investment portfolio exceeded 3%," he added.