Russian Foreign Minister: Chinese yuan could become global currency

Monday, 03 December 2012 07:43

Russian Foreign Minister Sergey Lavrov gave a speech on Saturday at the 20th Assembly of the Council on Foreign and Defense Policy outside Moscow. At the start of his speech, Lavrov read out President Putin’s address to the Council. Commenting on the global economic outlook, the foreign minister said the Chinese currency could take on an increasingly important role:

"We know they are now looking for solutions that would allow the world to overcome the deep structural imbalances in the European and American economy and discussing China’s possible economic leadership in some five to six years, with a prospect of the yuan becoming the dominant reserve currency. With the US economy likely to continue along the path of igniting inflation and no end in sight to the euro zone crisis, in the coming twenty years or so we can expect a totally new global landscape taking shape, which will mean a painful re-adjustment of international relations."

 

Courtesy of RT.com

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