• Russia and China are brewing up a challenge to dollar dominance by creating a new reserve currency

    11 days ago - By Business Insider

    Russia and the other 'BRICS' countries are working on an alternative reserve currency that would rival the IMF's SDR. Sputnik/Alexey Nikolsky/Kremlin via Reuters
    Russia and China are developing a new reserve currency with other BRICS countries, President Vladimir Putin said.
    The basket currency would rival a US-dominated IMF alternative and let Russia widen its influence, an analyst said.
    The dollar's dominance is already eroding as central banks diversify into the Chinese yuan and smaller currencies.
    Russia is ready to develop a new global reserve currency alongside China and other BRICS...
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