Russia, China devalue US dollar?

Discussion in 'Asia' started by SobieskiSavedEurope, Jun 15, 2019.

  1. SobieskiSavedEurope
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    SobieskiSavedEurope Gold Member

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  2. Tehon
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    Tehon Gold Member

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  3. sparky
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    sparky Gold Member

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  4. Tehon
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    Tehon Gold Member

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    The problem is that the US wields its dollar hegemony as a weapon. China And Russia seeking a new solution based on cooperation is only a natural result of being under Washington's thumb.
     
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  5. Stratford57
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    Stratford57 Diamond Member

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    Aug 14:

    Sergey Lavrov: Sanctions are illegal and undermine every principle of global trade and the principles upheld by UN resolutions, according to which unilateral measures of economic coercion are illegitimate.

    I’m confident that such a gross abuse of the role of the US dollar as a world reserve currency will undermine that role. To be on the safe side, more and more countries, even the ones that are not affected by US sanctions, will gradually stop using the dollar and rely on more dependable partners with whom they can agree on using their currency.

    Foreign Minister Sergey Lavrov’s remarks and answers to media questions following a meeting of Turkish ambassadors and permanent representatives at international organisations, Ankara, August 14, 2018
     
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  6. william the wie
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    william the wie Gold Member

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    With the US being the world's big dog when it comes to oil why should we care?
     
  7. sparky
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    sparky Gold Member

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    which has no teeth

    tick tock....

    Cue house of saud....

    ~S~
     
  8. Toro
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    Toro Diamond Member

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    Russia doesn’t matter. However, the Russian central bank is well run. They’ve been buying a lot of gold to reduce their reliance on dollar reserves.

    China does matter, and the yuan will grow in importance. However, it will never replace the dollar as the global reserve currency unless it dramatically changes its banking system, convertibility of its currency, and the opinion of global investors that it abides by the rule of law.
     
  9. william the wie
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    william the wie Gold Member

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    With the Hong Kong mess that's decade in the future.
     
  10. Oddball
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    Oddball Unobtanium Member Supporting Member

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    How many trillions in USDs do the ChiComs hold?

    Yeah, they'll be real interested in devaluing them. :rolleyes:
     

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