Russia and China Eye New Reserve Currency.The article reports on the announcement by Russian economic aide Arkady Dvorkovich that Russia and China are considering the gradual development of a new reserve currency for the global financial system.Field...
is the dollar becoming the world reserve currencyand maintaining a predominant role in the basket of international foreign-exchange reserves of the IMF ever since 1981. The role of the dollar, linked obviously to the petrodollar trade, has almost always maintained a share of more than 40% of ...
As a result, Switzerland’s foreign currency reserves have leapt more than 40 percent this year to SFr 365 billion ($375 billion), propelling it to the sixth largest holder of foreign exchange in the world from ninth last year, behind China, Japan, Saudi Arabia, Russia and Taiwan. The pro...
including Russia’s Eurasian Economic Union framework, Kazakhstan’s Bright Road economic policy, Turkmenistan’s strategy of reviving the Silk Road, Mongolia’s Steppe Road plan, Indonesia’s Global Marine Fulcrum initiative, the Philippines’ Build Better More program, Vietnam...
The biggest energy deal between China and Russia could be the catalyst that dethrones the greenback as the world's reserve currency. Some economists, commenting on Russia and China's 400 billion dollar natural gas accord, say that the dollar is becoming rather weak since many countries are likel...
Blockchain parks and incubators have been established in various provinces and towns to aid new businesses and established firms specializing in blockchain technology. With its Digital Currency Electronic Payment system — a state-backed digital currency managed by the People’s Bank of China — China...
“We cannot lend in yuan, because we have nothing to cover our foreign currency positions with,” German Gref, CEO of top Russian lenderSberbank, said at an economic forum earlier this month. For now, Russia’s wartime spending as well as oil exports to China ...
China and Russia are moving ahead with their efforts to move away from the US dollar with an announcement that the BRICS countries plan to create a payment system based on blockchain.
The Russia-Ukraine conflict, which has driven up energy and food prices, exacerbated inflation, spurring major central banks to hike interest rates. Real global equity and bond prices declined by about 30 percent and 20 percent, respectively, sapping net worth in many countries, especially Australia...
China has also called on other regional actors such asRussiaand Pakistan, with which Beijing maintains strong relations, for support. But the departure of the US changed the strategic calculus so drastically that uncomfortable new accommodations must be made. ...