The Russian Prime Minister has announced his country’s intention to convert part of its foreign exchange reserves into yuan.
Russian Prime Minister Dimitri Medvedev said during an interview with China’s national television that Russia had decided to convert part of its foreign exchange reserves into yuan in order to stabilize the world economy.
Medvedev added that taking into account the global monetary crisis of 2008, one wondered if one could trust the international monetary system (IMS) based on one or two currencies, the dollar and, in part, the euro.
The Russian prime minister said he had come to the conclusion that in order to achieve a better functioning of the international monetary system it had to operate on the basis of several currencies and that the yuan’s entry could contribute to stability Of the world economy.
He said that new technologies would soon be used in the new stage of financial institution development and that if this became common, several SWIFT regulators and functions would be eliminated.