Russia, China devalue US dollar?

[SobieskiSavedEurope]

Yeah, Russia is supposed to be an enemy, but what about China?

China, Russia declare war on US dollar dominance

 

[Tehon]

Yeah, Russia is supposed to be an enemy, but what about China?

China, Russia declare war on US dollar dominance

Neither is an enemy. And there is no war on the US dollar.

 

[sparky]

can U say petroyuan...? ~S~

 

[Tehon]

can U say petroyuan...? ~S~

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.

 

[Stratford57]

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

 

[william the wie]

With the US being the world's big dog when it comes to oil why should we care?

 

[sparky]

The problem is that the US wields its dollar hegemony as a weapon

which has no teeth

I’m confident that such a gross abuse of the role of the US dollar as a world reserve currency will undermine that role

tick tock....

With the US being the world's big dog when it comes to oil why should we care?

Cue house of saud....

~S~

 

[Toro]

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.

 

[william the wie]

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.

With the Hong Kong mess that's decade in the future.

 

[Oddball]

Yeah, Russia is supposed to be an enemy, but what about China?

China, Russia declare war on US dollar dominance

How many trillions in USDs do the ChiComs hold?

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

 

[william the wie]

Yeah, Russia is supposed to be an enemy, but what about China?

China, Russia declare war on US dollar dominance

How many trillions in USDs do the ChiComs hold?

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

China dumping US Treasuries will be an interest rate cut in the US. That will help finance a lot of US consumer purchases and capital investment.

 

[xyz]

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.

The ruble has dropped like crazy since they invaded eastern Ukraine.