The head of the Accounts Chamber of the Russian Federation, Alexei Kudrin, said that the Chinese yuan is an alternative to the US dollar for storing the reserves of the National Wealth Fund (NWF) after the refusal of this currency.
“In the past few years, the Chinese yuan has entered such a circle of currencies. Of course, it is not as stable (as the dollar – Ed.), But it has already become a serious real world-class currency, “he said in an interview on the TV channel. “Russia 1” on Saturday 5 June.
Kudrin also clarified that other similar assets are gold, Swiss franc and British pound sterling. In addition to the euro, there are also the Canadian and Australian dollars, said the head of the RF Audit Chamber.
According to him, the refusal from the American currency to store the state reserves does not cancel the calculations in US dollars.
“Everyone will work the same way, they will exchange in all exchangers, it will also be possible to keep your personal savings in dollars, but the state will diversify its reserves into other assets,” said the head of the Accounts Chamber.
In addition, he named as possible reasons for the NWF’s adoption of such a decision, sanctions and fears that the country’s calculations may be difficult in dollars, after which it will be more difficult to quickly mobilize its assets.
Earlier, on June 4, the Finance Ministry made a decision to zero the dollar’s share in the NWF structure. The head of the department, Anton Siluanov, noted that this initiative is justified, since there is currently an increase in sanctions threats against Russia from the United States.
On the same day, Russian President Vladimir Putin announced that the Russian side does not want to get rid of the dollar as a reserve currency or a universal means of payment. At the same time, he pointed out that Washington’s actions are detrimental to the US dollar as the world’s reserve currency.