October 14, 2016 / 1:43 PM / in 9 months

EXCLUSIVE: Russia may raise up to $1 bln in yuan-denominated bonds by end-2016

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Chinese 100 yuan banknotes are seen in a counting machine while a clerk counts them at a branch of a commercial bank in Beijing, China, in this March 30, 2016 file picture.Kim Kyung-Hoon/Files

MOSCOW (Reuters) - Russia may sell its first-ever treasury bonds denominated in Chinese yuan by the end of 2016, the head of the state debt department at the finance ministry said on Friday.

Konstantin Vyshkovsky told Reuters that the finance ministry may sell treasury bonds, known as OFZs, denominated in the Chinese currency later this year as part of additional borrowing worth 200 billion roubles ($3.21 billion).

Moscow may raise an equivalent of $1 billion in yuan through OFZs in the planned issue, money that the finance ministry will convert into roubles, Vyshkovsky said.

Russia is looking for new ways to expand budget funding as its Reserve Fund is running out and low prices for crude oil, its key exports, put pressure on the budget.

($1 = 62.2255 roubles)

Reporting by Yelena Orekhova, Writing by Andrey Ostroukh, Editing by Christian Lowe

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