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International relations

China, Russia to establish $10bn development fund

New tie-up supports Belt and Road initiative, internationalization of yuan

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Russian President Vladimir Putin, right, meets with his Chinese counterpart Xi Jinping in Moscow on July 4.   © Reuters

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.

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