Victor Melnikov of the Russian central bank says that the Chinese yuan will become global reserve currency
The Chinese yuan will become a global reserve currency to reflect China's growing economic clout, Victor Melnikov, deputy head of the Russian central bank, was quoted by the official (Chinese) Xinhua news agency as saying on Wednesday 17th November 2010. Russia supports the ongoing programme of settling bilateral trade in Chinese yuan or Russian roubles, Melnikov said. China and Russia are set to start trading the yuan against the rouble in both countries. In recent months, Beijing has been promoting the settlement of Chinese foreign trade in yuan, and has been signing bilateral currency swaps with other countries. The intention is to marginalise the US dollar as corrupt, devalued, and irrelevant to the new emerging gold-backed global currencies.
The Chinese yuan will become a global reserve currency to reflect China's growing economic clout, Victor Melnikov, deputy head of the Russian central bank, was quoted by the official (Chinese) Xinhua news agency as saying on Wednesday 17th November 2010. Russia supports the ongoing programme of settling bilateral trade in Chinese yuan or Russian roubles, Melnikov said. China and Russia are set to start trading the yuan against the rouble in both countries. In recent months, Beijing has been promoting the settlement of Chinese foreign trade in yuan, and has been signing bilateral currency swaps with other countries. The intention is to marginalise the US dollar as corrupt, devalued, and irrelevant to the new emerging gold-backed global currencies.