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Dedollarization in Russia means yuanization. Over the last spring @bank_of_russia has ditched $101b in USD holdings, shifting it to Euro&RMB. Share of RMB in currency reserves has grown 147x (!!!), from 0.1% in July 2017 to 14.7% in July 2018. Some details in short thread 👇 1/ 
2/ @bank_of_russia has published a report that discloses data on reserves composition with a 6 months lag. According to it, CBR was aggressively ditching USD and buying EUR/RMB. In 2Q 2018 alone it has purchased $44.3 of RMB equivalent cbr.ru/Collection/Col…
3/ As @natashadoff and @AndrianovaAnna note in their excellent overview for @business, Russia’s yuan share is about 10 times the average for global central banks, with its total holdings of the currency accounting for about 25% of world reserves in yuan bloomberg.com/news/articles/…
4/ According to @bank_of_russia report, yields for yuan holdings are highest among all the other currencies in CBR coffers, with 3.2% against 0.35% for USD assets
5/ Yuanization of Russia's reserves came at a price due to RMB depreciation in 2018. Losses might have be up to $5b if one projects the devaluation effect for entire 2018, but we will need to wait for a new CBR report in 6 months to be sure finanz.ru/novosti/valyut…
