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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 [1]
March 24, 2014

Following China’s unwillingness to vote against Russia at the UN [2] and yesterday’s news that China will sue Ukraine for $3bn loan repayment [3], it seems Russia is returning the favor. Speaking at the Chinese Economic Development Forum, ITAR-TASS reports [4], 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 [5]

Russia Returns Favor, Sees Chinese Yuan As World Reserve Currency 20120103 JPM reserve 0 [6] [12]

 

and with Friday’s “Petrodollar Alert”  [7]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:

[1] Zero Hedge: http://www.zerohedge.com/news/2014-03-22/how-china-imported-record-70-billion-physical-gold-without-sending-price-gold-soarin

[2] 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

[3] China will sue Ukraine for $3bn loan repayment: http://www.zerohedge.com/news/2014-03-22/china-takes-sides-sues-ukraine-3bn-loan-repayment

[4] ITAR-TASS reports: http://en.itar-tass.com/economy/724945

[5] nothing lasts forever: http://www.zerohedge.com/news/2014-01-29/nothing-lasts-forever-world-bank-chief-economist-calls-end-dollar-reserve-currency

[6] Image: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2012/01/20120103_JPM_reserve.png

[7] Friday’s “Petrodollar Alert” : http://www.zerohedge.com/news/2014-03-21/petrodollar-alert-isolated-west-putin-prepares-announce-holy-grail-gas-deal-china

[8] China’s yuan ‘set to usurp US dollar’ as world’s reserve currency: http://www.prisonplanet.com/chinas-yuan-set-to-usurp-us-dollar-as-worlds-reserve-currency.html

[9] Chinese Yuan’s Drop Is Largest Since Its 2005 Currency Revaluation: http://www.prisonplanet.com/chinese-yuans-drop-is-largest-since-its-2005-currency-revaluation.html

[10] Meet the World’s New Reserve Currency: The Chinese Yuan: http://www.prisonplanet.com/meet-the-worlds-new-reserve-currency-the-chinese-yuan.html

[11] Meet the World’s New Currency: the Chinese Yuan: http://www.prisonplanet.com/meet-the-worlds-new-currency-the-chinese-yuan.html

[12] Does China Plan To Back The Yuan With Gold And Make It The Primary Global Reserve Currency?: http://www.prisonplanet.com/does-china-plan-to-back-the-yuan-with-gold-and-make-it-the-primary-global-reserve-currency.html

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