Russia Finds A New Monopoly Money Partner

Author:
Updated:
Original:

It didn't take Russia long to find somebody else to hook up with on the rebound after China decided that the whole supranational currency thing was a little too freaky for their taste. Less than two weeks after China's central bank was singing the praises of a new international reserve currency, China's Deputy Foreign Minister stated that their position on the matter had apparently turned 180 degrees and they expect the dollar to remain the main reserve currency for "many years to come". Jilted, Russia has now turned to another one of its BRIC brethren, India, to stand by their side as they try to find someone else who is willing to lose whatever credibility they currently have to actively promote the notion that the dollar is going to succumb to a thought experiment.
Russia, India Question Dollar Reliance Before Summit [Bloomberg]

Related