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Yuan may become main reserve currency next decade - Lavrov

News | 02.12.2012 | 05:54
 

 

Next decade, under consideration may be turning the yuan into the main reserve currency, Russian Foreign Minister Sergei Lavrov said.

Many developing countries that have created modern industry and substantially improved the population's welfare have benefited from the globalization, while developed states have experienced processes of deindustrialization and reduction of the middle class stratum, with clearer social stratification, the minister noted on Saturday, when speaking at the Assembly of the Council on Foreign and Defence Policy.

At present, it is a question of searching for solutions to overcome problems in economy of Europe and the United States. Experts say that China may come to the position of a leading economic power in five-six years. Then, evidently, the issue of turning the yuan into the main reserve currency may be raised, the minister said.

For the present, no changes are seen in the policy to continue inflational pumping up of American economy. The crisis of the euro zone assumes a protracted character, Lavrov noted.

Quite a new picture of the world is expected to be formed in the next 20 years. It envisages a painful process of re-adjusting of international relations, the minister added.

Itar-Tass

 
Tags: China Russia Lavrov
 

 
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OUR COLUMNIST
    Mikhail AGHAJANYAN

Political Manipulations with the Price of Oil

The drop in oil prices that began at the same time as Islamic State (IS) attacks in Iraq and Syria is impossible to explain with economic factors. The world has long been used to the fact that the market has reacted to every war in the Middle East, where 47 per cent of the world’s ‘black gold’ reserves are concentrated, with a sharp jump in oil prices. That is what happened during the two wars in the Persian Gulf, and that is also what happened when the Americans began their ‘mission to restore democracy’ in Afghanistan. And speculation about a possible military conflict between the US and Iran was accompanied by the expectation of a jump in oil prices of up to $200 a barrel and higher. At present, everything has turned upside down, but for how long?..

23.10.2014
 
 
 
 
 
 
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