2023-06-16 00:42:00
China’s yuan is gradually losing the competitive advantage of the US dollar. and has acquired the status of a world reserve currency. According to Igor Shuvalov, president of the Russian development organization VEB.RF, on the sidelines of the International Economic Forum in St. Petersburg. On Thursday (June 15)
Chuvalov said countries around the world had made significant progress towards abandoning their dependence on the dollar and that “this process will continue.”
“Even with those friendly to the United States, It is also viewed that the current economic and financial confrontation will encourage the development of alternative payment systems that do not rely on SWIFT and the dollar for their safety. It’s not a matter of credibility or credibility. But it’s a fact of life that has to be overcome. by creating a new payment system.”
He said VEB.RF no longer uses dollars to pay with international counterparts. by paying in RMB currency and other currencies friendly instead “RMB is now the world’s reserve currency. There’s nothing to hide.”
According to the International Monetary Fund (IMF), the dollar’s share of the world’s international reserves dropped to a nearly three-decade low of 58% in the fourth quarter of 2022, with countries starting to retreat. dollars from cross-border transactions Amid concerns over America’s rising debt and widespread sanctions using dollars as a tool
Russia, facing sanctions from Washington Unprecedentedly heavy last year Has switched to the local currency for almost all energy trade. Especially in the form of rubles and yuan.
At the same time, the yuan’s presence in the global market is growing. Its share in informal marketplace financial transactions has increased from nearly 0% 15 years ago to 7% by 2023, according to the Bank for International Settlements (BIS). in March this year The yuan has outpaced the dollar in China’s transnational transactions. While most of their allies were taking their own strides. in reducing dependence on the dollar as well
(Source: RT News)
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