SOFAZ lost 23 million dollars in last three days

Devaluation of yuan by Central Bank of China damaged SOFAZ in the amount of 5.5 million dollars

Baku. 13 August. REPORT.AZ/ State Oil Fund of Azerbaijan (SOFAZ), lost more than 5.5 million USD after the devaluation of yuan by Central Bank of China.

Report informs China has devalued national currency again by 1.1%.Thus, investment by SOFAZ in China Fund in the amount of 3 billion yuans (500 mln. US dollars) lost their value in the amount of 23 mln USD in last three days.

During the past three days, Central Bank of China has devalued yuan by 4.6%.According to the bank yuan is looking for an appropriate exchange rate in currency market.This shows that yuan will always be a subject to a new devaluation in global financial markets.

Devaluation of yuan has led to the devaluation of the national currencies of most countries in the Far East. Decisions on devaluation is made in order to strengthen the export potential of the country.

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