Wednesday, November 1, 2017

Russian Prime Minister states that the world is no longer a place for the dollar to be the sole reserve currency

Anti-dollar rhetoric and calls for the end of the petrodollar system continue to emerge out of Eurasia and the Far East as Russian Prime Minister Dmitri Medvedev stated on Nov. 1 that there is no place in the global financial system for a singular dominant reserve currency like the dollar.

Medvedev made his remarks on Wednesday in a news conference following the U.S.'s newest round of economic sanctions which saw American companies restricted from participating in Russia's goal of cultivating the Arctic region.

The international financial system needs to balance which is why there is no place for a dominant currency, Russian Prime Minister Dmitry Medvedev said at a news conference on Wednesday. 
“The balanced system of financial relations should be based on the use of various reserve currencies, various forms of settlement. There should be no domination of any one currency,” said Medvedev, speaking at the regular Russia and China heads of government meeting. 
According to Medvedev, Russia is pleased with the growing role of the Chinese yuan in global settlements, as it represents one of the world's largest economies. 
China has been pushing for a greater use of the yuan in oil settlements. As the country has become the largest oil importer overtaking the United States, it can now dictate rules, experts note. 
The chief economist and managing director at High Frequency Economics Carl Weinberg has predicted that “Chinese [oil] demand will dwarf US demand," and Beijing is likely to “compel” Saudi Arabia to sell crude oil in yuan, a move to be followed by others. – Russia Today

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