RIP to the US dollar

• Russia and China are developing a new reserve currency with other BRICS countries, President Vladimir Putin said.
• The basket currency would rival a US-dominated IMF alternative and let Russia widen its influence, an analyst said.

Russia is ready to develop a new global reserve currency alongside China and other BRICS nations, in a potential challenge to the dominance of the US dollar.

President Vladimir Putin signaled the new reserve currency would be based on a basket of currencies from the group’s members: Brazil, Russia, India, China, and South Africa.

“The matter of creating the international reserve currency based on the basket of currencies of our countries is under review,” Putin told the BRICS Business Forum on Wednesday, according to a TASS report. “We are ready to openly work with all fair partners.”

www.businessinsider.in/stock-market/news/russia-and-china-are-brewing-up-a-challenge-to-dollar-dominance-by-creating-a-new-reserve-currency/articleshow/92437095.cms

h/t SilverBoatSurfer

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