Russia and China are brewing up a new reserve currency

Russia and the other 'BRICS' countries are working on an alternative reserve currency that would rival the IMF's SDR.
 
Oscar Morales Guevara
Julio 1, 2022
Russia and China are brewing up a new reserve currency
Russia is ready to develop a new global reserve currency alongside China and other BRICS nations, in a potential challenge to the dominance of the US dollar.
President Vladimir Putin signaled the new reserve currency would be based on a basket of currencies from the group's members: Brazil, Russia, India, China, and South Africa.

"The matter of creating the international reserve currency based on the basket of currencies of our countries is under review," Putin told the BRICS Business Forum on Wednesday, according to a TASS report. "We are ready to openly work with all fair partners."

The dollar has long been seen as the world's reserve currency, but its dominance in share of international currency reserves is waning. Central banks are looking to diversify their holdings into currencies like the yuan, as well as into non-traditional areas like the the Swedish krona and the South Korean won, according to the International Monetary Fund.
Footer El Justiciero
© 2022 EL JUSTICIERO. | Against The Deep State.
Noticias Mundiales, Editoriales, Análisis Político.