Russia talks up Chinese currency

Russia talks up Chinese currency

Russian Finance Minister Alexei Kudrin has said China’s yuan could become a world reserve currency after it becomes fully convertible.

Kudrin, a close ally of Prime Minister Vladimir Putin, said he thought the shortest route for the yuan would be if China liberalised its economy and allowed the convertibility of its currency.

Mr Kudrin said he thought the yuan in ten years time could be in great demand as a new world reserve currency.

China and Russia have expressed unease about the volatility of the US dollar and have recently called for discussions on ways to create extra reserve currencies.

http://www.malaysianews.net/story/507712

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