China Oks SOFAZ bid to invest in yuan

"Work is under way to invest part of SOFAZ’s assets in Chinese yuan,” Movsumov said in an interview with Interfax. "We have already received permission from the People’s Bank of China to invest in 3 billion yuan (aprox. $500m).”

SOFAZ is preparing to sign an agreement with the Chinese authorities on investment, he said.

The fund was established in 1999 to manage Azerbaijan’s income from the sale of crude oil and natural gas. It had $37 billion of assets as of January 1.