MOSCOW -- The China Development Bank and Russian Direct Investment Fund on Tuesday signed an agreement to establish the Russia-China RMB Cooperation Fund, a joint investment worth 68 billion yuan ($10 billion). The fund will invest in projects related to China's Belt and Road initiative as well as the Russia-led Eurasian Economic Union initiative.
The agreement came after Tuesday's summit between Chinese President Xi Jinping and Russian President Vladimir Putin. The new economic tie-up indicates tighter collaboration between the two countries ahead of the Group of 20 summit later this week in Germany, where Xi aims to demonstrate his global leadership.
