Russia and China have the motivation to create an alternative to the dollar, but it will be difficult to do so, said US Treasury Secretary Janet Yellen. In her opinion, the dollar will remain the world’s reserve currency for a long time to come. She discussed this topic at a hearing in the Appropriations Committee of the House of Representatives of the US Congress.
Ms. Yellen noted that the US is benefiting greatly from the fact that the dollar is the world’s reserve currency. “Russia and China have the motivation to try to develop a different system that will avoid using the dollar. But this is something that is extremely difficult to achieve. And I have confidence that the dollar will remain the world’s reserve currency for a long time to come, despite various attempts to create systems to bypass it,” the minister said (quoted by TASS).
The head of the Ministry of Finance was also asked about her attitude to the creation of a multipolar world, but she avoided answering the question. “I won’t comment on a multipolar world because I’m not sure exactly what you mean by that. But, of course, we are working with other countries to ensure that American business is treated fairly in international trade,” added Janet Yellen.
Russian President Vladimir Putin back in September 2022 said that the Russian Federation was coping with pressure from Western countries, and their “economic blitzkrieg tactics did not work.” In his opinion, a well-known and inevitable process of de-dollarization is going on in our country. In particular, Russia and India are moving away from the dollar and the euro in mutual trade.
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