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Russia Returns Favor, Sees Chinese Yuan As World Reserve Currency
Posted By admin On March 24, 2014 @ 5:20 am In Money Watch | Comments Disabled
Zero Hedge 
March 24, 2014
Following China’s unwillingness to vote against Russia at the UN  and yesterday’s news that China will sue Ukraine for $3bn loan repayment , it seems Russia is returning the favor. Speaking at the Chinese Economic Development Forum, ITAR-TASS reports , the Chief Economist of Russia’s largest bank stated that “China’s Yuan may become the third reserve currency in the in the future.”
Managing Director and Chief Economist of investment company Sberbank Yevgeny Gavrilenkov said at the 15th governmental Chinese economic development forum in the Chinese capital on Sunday (via ITAR-TASS):
“China’s yuan (renminbi) may become a third reserve currency in the world in the future“
“This forecast can be made on figures of domestic economic growth. Probably the country will keep high GDP growth rate and the GDP volume will increase to around 14-16 trillion U.S. dollars for a brief period of time, the indicators comparable to the European Union and the United States.
Meanwhile, Chinese securities are more attractive for the countries that have a surplus in economy, particularly the Middle East states; and China will obviously follow the path of securing the country’s assets,”
The forum which opened in the Chinese capital on March 22 discusses a broad range of issues of economic reforms and China’s stronger role as the second largest world economy. First Deputy Prime Minister of the Chinese State Council Zhang Gaoli, Managing Director of the International Monetary Fund Christine Lagarde and top managers of major world corporations participate in the forum as honorary guests.
Of course, as we noted previously, nothing lasts forever …
and with Friday’s “Petrodollar Alert” perhaps things are moving faster than many assumed.
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URL to article: http://www.prisonplanet.com/russia-returns-favor-sees-chinese-yuan-as-world-reserve-currency.html
URLs in this post:
 Zero Hedge: http://www.zerohedge.com/news/2014-03-22/how-china-imported-record-70-billion-physical-gold-without-sending-price-gold-soarin
 China’s unwillingness to vote against Russia at the UN: http://www.zerohedge.com/news/2014-03-15/russia-vetoes-china-abstains-un-security-council-resolution-ukraine
 China will sue Ukraine for $3bn loan repayment: http://www.zerohedge.com/news/2014-03-22/china-takes-sides-sues-ukraine-3bn-loan-repayment
 ITAR-TASS reports: http://en.itar-tass.com/economy/724945
 nothing lasts forever: http://www.zerohedge.com/news/2014-01-29/nothing-lasts-forever-world-bank-chief-economist-calls-end-dollar-reserve-currency
 Image: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2012/01/20120103_JPM_reserve.png
 Friday’s “Petrodollar Alert” : http://www.zerohedge.com/news/2014-03-21/petrodollar-alert-isolated-west-putin-prepares-announce-holy-grail-gas-deal-china
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