SOFAZ: Contract on investing in CNY will be signed in June

Baku: A contract on investing $500 mln in Chinese yuan (CNY) by Azerbaijan will be signed in June, 2015, said the Executive Director of State Oil Fund of Azerbaijan Shahmar Movsumov at the press conference.

According to him, currently, the securities are being selected: “There was a long process regarding CNY and this process was completed. SOFAZ got $500 mln quota. We have already signed contract on investments in yuan. We’ll give information within a month. Currently, securities are being selected. Thereafter, we’ll begin purchases. This was the first stage. At the same time, we begin investments in CNY bonds”.

Movsumov noted that at the second stage, capital will also be invested in CNY share market: “For this purpose, it’s needed relevant process. Next month, Azerbaijan should sign a memorandum with China to get access to Chinese market”.

SOURCE: Azeri Press News Agency