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Russian Reserves Shift Away From Dollar

Written by Staff Writer

money 17418 640Russia Buys Quarter of World Yuan Reserves in Shift From Dollar -Bloomberg
"Russia’s central bank dumped $101 billion in U.S. holdings from its huge reserves, shifting into euros and yuan last spring amid a new round of U.S. sanctions. The central bank moved the equivalent of $44 billion each into the European and Chinese currencies in the second quarter, according to a report published on late Wednesday by the Bank of Russia....'Russia is making a strategic shift in its reserves towards holding fewer dollars and more assets in other currencies,' said Benn Steil, director of international economics at the Council on Foreign Relations in New York....

Russia isn't alone in its bid to reduce reliance on the world’s reserve currency amid increasing attempts by Washington to use economic leverage for geopolitical ends. In a deepening trade war with America, China sold a large portion of its U.S. Treasury holdings last year....'We aren't ditching the dollar, the dollar is ditching us,' Russian President Vladimir Putin said in November. 'The instability of dollar payments is creating a desire for many global economies to find alternative reserve currencies and create settlement systems independent of the dollar.'"