Chinese central bank backs Russian idea for new reserve currency

Uh OOh. What will it mean for the world if the US $ looses it’s reserve status?

The chairman of the People’s Bank of China has spoken out in support of Russia’s proposal to create a new global reserve currency as an alternative to the U.S. dollar, Xinhua news agency reported on Tuesday.

Zhou Xiaochuan wrote in an essay posted on the bank’s website that the goal of the international monetary system is to “create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies.”

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