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Russia: New world reserve currency a decade away
Published: June 6, 2009
Updated 1 month ago
Moscow’s finance minister says China’s Yuan the ’shortest path’ to new world reserve; predicts ‘new major currency unions’ not soon to emerge
Developed nations are dragging their feet over reforms of the International Monetary Fund, where Moscow wants to have a greater say, Russian Finance Minister Alexei Kudrin said on Saturday.
“We already see a lot of foot-dragging and tripping-up along this path,” said Kudrin during Russia’s premier economic forum in Saint Petersburg.
“There is a need to make the IMF a true representative of the world’s leading economies. It’s not there right now,” he said, noting that China had a lower representation quota than Switzerland or Belgium.
The issue of IMF reform should therefore be raised “in earnest, in a bold way,” Kudrin said, adding countries should be “represented in proportion to the strength of these economies and their role in the world economy.”
Along with other major developing economies such as India and Brazil, Russia wants to increase its representation in the IMF and have a greater say in decision-making currently dominated by developed economies such as the United States.
The IMF is working to issue its very first bonds and Russia said late last month it was considering buying up to 10 billion dollars’ worth of the bonds to help boost the institution’s resources.
Russia has said the bond purchase would be in line with obligations it took upon itself at the G20 summit in April where it stressed it wants more power within the financial institution.
Kudrin also said that the Chinese yuan could become a global reserve currency in a decade if Beijing moves to “liberalize” the country’s economy.
“I don’t believe that new major currency unions will emerge in the near future. I think the shortest way would be if China liberalizes its economy and wishes to ensure the convertibility of the yuan,” he said.
He said it would take about a decade, adding it was “the shortest path to creating a new world reserve currency.”
The Kremlin earlier this year criticised the dominance of the US dollar in global economy, saying there was a need for a new supranational currency to prevent a repeat of the current economic crisis.
http://rawstory.com/08/news/2009/06/06/russia-new-world-reserve-cur...
Updated 1 month ago
Moscow’s finance minister says China’s Yuan the ’shortest path’ to new world reserve; predicts ‘new major currency unions’ not soon to emerge
Developed nations are dragging their feet over reforms of the International Monetary Fund, where Moscow wants to have a greater say, Russian Finance Minister Alexei Kudrin said on Saturday.
“We already see a lot of foot-dragging and tripping-up along this path,” said Kudrin during Russia’s premier economic forum in Saint Petersburg.
“There is a need to make the IMF a true representative of the world’s leading economies. It’s not there right now,” he said, noting that China had a lower representation quota than Switzerland or Belgium.
The issue of IMF reform should therefore be raised “in earnest, in a bold way,” Kudrin said, adding countries should be “represented in proportion to the strength of these economies and their role in the world economy.”
Along with other major developing economies such as India and Brazil, Russia wants to increase its representation in the IMF and have a greater say in decision-making currently dominated by developed economies such as the United States.
The IMF is working to issue its very first bonds and Russia said late last month it was considering buying up to 10 billion dollars’ worth of the bonds to help boost the institution’s resources.
Russia has said the bond purchase would be in line with obligations it took upon itself at the G20 summit in April where it stressed it wants more power within the financial institution.
Kudrin also said that the Chinese yuan could become a global reserve currency in a decade if Beijing moves to “liberalize” the country’s economy.
“I don’t believe that new major currency unions will emerge in the near future. I think the shortest way would be if China liberalizes its economy and wishes to ensure the convertibility of the yuan,” he said.
He said it would take about a decade, adding it was “the shortest path to creating a new world reserve currency.”
The Kremlin earlier this year criticised the dominance of the US dollar in global economy, saying there was a need for a new supranational currency to prevent a repeat of the current economic crisis.
http://rawstory.com/08/news/2009/06/06/russia-new-world-reserve-cur...
Tags: china, currency, imf, kremlin, new, reserve, russia, world
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