Russian Banker: Dollar No Longer World Reserve Currency, Yuan Takes Its Place

The chairman of the board of directors of the Russian bank Flash Economy Bank, Igor Shuvalov, believes that the Chinese currency, the yuan, has begun to take the position of the world’s reserve currency instead of the dollar, which it now holds.

Shuvalov’s statement was made today on the sidelines of his participation in the St. Petersburg International Economic Forum, which will be held this week in Russia, and he said: “The yuan is now the world’s reserve currency, and this cannot be hidden.”

The Chairman of the Board of Directors of the Russian Bank added that the work to free the world from dependence on the dollar will continue, and said: “Even those who have good relations with the United States, who follow this economic and financial confrontation, for their own safety, will support the development of others. settlement systems that do not include Swift and the dollar.

He pointed out that Fenech Economy Bank had abandoned the dollar in international payments, and instead used the yuan and other currencies of friendly countries.

The forum will be held from 14 to 17 June 2023. The focus of the international event will be the main economic issues and challenges facing Russia, emerging markets and the world as a whole.

The forum is an effective platform for the exchange of views and experience between politicians, officials and representatives of the business sector from around the world. The forum is held in person, taking into account the rules of health prevention and using modern digital technologies. .

Source: News

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