More Signs The US Is Losing Status As Global Reserve Currency

The US dollar may one day be rivaled by the Chinese national currency – the yuan – which is likely to become a major global reserve currency, according to the governor of the Bank of England (BoE), Mark Carney. “I think it is likely that we will ultimately have reserve currencies ... Read more

China And Russia Look To Ditch Dollar With New Payments System In Move To Avoid Sanctions

China and Russia are drafting a pact to boost the use of their national currencies in bilateral and international trade, underscoring their intent to cut their reliance on the US dollar. The development of a new international financial payments system aims ... Read more

Russia Backs Non-Dollar Trade With Turkey, No Promise Of Help Amid Lira Crisis

“The use of national currencies for mutual trade has for several years been one of the tasks that the presidents of Russia and Turkey had set,” Lavrov told a joint news conference with Cavusoglu in Ankara. “Identical processes have been happening in our relations with ... Read more

Russia And China Challenge Dollar Domination

Since the August 1998 sovereign default triggered by the West, Russian state finances have been prudent to almost a fault. The size of the national government debt is the lowest of any major industrial country, a mere 10.6% of GDP for the current year. This has enabled Russia to withstand the US ... Read more