US Treasury Secretary Yellen: Russia and China will face difficulties in creating a replacement for the dollar
Washington, March 24, 2023, 03:28 — REGNUM US authorities are watching joint attempts by Russia and China to create a currency that would replace the US dollar in settlements, but Washington believes that it will still be “extremely difficult” for Moscow and Beijing to realize this goal, US Treasury Secretary Janet Yellen said at a committee hearing. appropriations from the House of Representatives of the United States Congress.
According to the head of the department, she would like the dollar to continue to remain the world’s reserve currency. Yellen is also confident that this will be the case “for a long time to come” despite various de-dollarization efforts by countries.
At the same time, the minister acknowledged that Russia and China have incentives to develop another currency system without the dollar.
As reported IA REGNUM, March 11 Associate Professor of the RANEPA, Ph.D. in Economics Nikolai Kulbaka The Chinese yuan may replace the US dollar as the world’s reserve currency in 10 years. The expert noted that in the next decade the situation will definitely not change.
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