German media: Russia and China are moving further away from using the dollar

August 2 2020 7

The positions of the US dollar have become even weaker, Russia and China are moving further away from using the American currency in their calculations, writes the German Internet portal Deutsche Wirtschafts Nachrichten.

DWN notes that in the first quarter of 2020, the share of transactions between Moscow and Beijing in dollars fell to 46%. The euro accounted for 30%, Chinese yuan - 17%, and the Russian ruble - 7%.

The decline in the role of the dollar in trade is associated with the continuing cooling in relations between Washington and Beijing. The United States has been waging a trade war against China since 2018. Moreover, the Chinese "comrades" reciprocate their American "partners".

In 2020, relations between competing countries have become even more complicated. Washington accused Beijing of hiding real information about the COVID-19 pandemic.

As for Moscow, which is regularly harassed by various sanctions, it has been holding policies "De-dollarization" economics... Earlier this year, Russian Foreign Minister Sergei Lavrov announced that his country would continue this course. He explained that this is a normal reaction to the unpredictable US behavior "and Washington's blatant abuse of the dollar's status as the world's reserve currency."

Russia's actions are not limited to China; Moscow is moving away from the dollar in trade with other countries. For example, since 2016, Russia and the EU countries have been trying to make payments in euros. Now it is 46% of all operations.

The respected economist Stephen Roach believes that the era of the dollar as the main reserve currency of the planet is coming to an end. He is a Senior Fellow at the Institute for Global Relations. Jackson at Yale University and a senior lecturer at the Yale School of Management (USA), before that he was chairman of Morgan Stanley Asia and chief economist at the Morgan Stanley investment banking conglomerate in New York.

In his opinion, for 60 years, Americans have enjoyed a high standard of living at the expense of the rest of the world. But in the current conditions, many countries do not want to endure it and pay for it anymore.

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Digital error

-2

2 August 2020 19: 53

As for Moscow, it has long been pursuing a policy of de-dollarization of the economy.

This is understandable - the less dollars, the higher their value with the same demand - on the day of the appointment of the Mishustin government - the dollar was at 61, and on August 1 - the dollar at 73. Atlas straightens his shoulders, yes, yes ...
123

+1

2 August 2020 20: 06

In his opinion, for 60 years, Americans have enjoyed a high standard of living at the expense of the rest of the world. But in the current conditions, many countries do not want to endure and pay for it anymore.

It seems that this does not apply to Europeans. They are ready to pay further. Half of Russia's trade with China and the EU is very little. When Europe and China begin to trade with each other without the dollar, grandiose fireworks will surely be thrown on the New York embankment and champagne will flow like a river. And Russia needs to crush its neighbors under the ruble, squeeze the dollar out of there, while not switching to the euro and yuan.
_AMUHb_

+1

3 August 2020 00: 19

And Russia needs to crush its neighbors under the ruble, squeeze the dollar out of there, while not switching to the euro and yuan.

What, the end of devaluation and the end of the opportunity to "climb out" at the expense of a resident?
1. Oleg Shlyapin
  
  -3
  
  3 August 2020 16: 52
  
  Well, except that crush. In another way, no one needs your ruble for nothing.
Oleg Shlyapin

-5

3 August 2020 16: 50

What is the rejection of the dollar? Is it that China's gold and foreign exchange reserves are $ 3 (the first in the world in terms of size), while the Russian Federation has $ 112 (the third largest in the world), and thus keep the main dollar reserves in the world? Or is it to transfer part of the trading operations from a more firm dollar to a less firm ruble and yuan, and bear currency losses in spite of everyone?
1. boriz
  
  0
  
  4 August 2020 11: 25
  
  Urgently we all go to the hryvnia!
  1. Oleg Shlyapin
    
    -1
    
    4 August 2020 12: 50
    
    I am inclined to believe that most of the territory of what is now called the Russian Federation will soon be converted to the yuan.