Azerbaijan’s State Oil Fund (SOFAZ) will next month invest $500 million in bonds denominated in Chinese yuan, according to SOFAZ Executive Director Shahmar Movsumov.
The fund has already agreed with China’s Central Bank on the investment, Movsumov said.
Azerbaijan’s State Committee for Securities and the Chinese government last week signed an agreement on the protection of investments, he said.
The $35 billion sovereign wealth fund was established in 1999 to manage Azerbaijan’s income from the sale of crude oil and natural gas.
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