Page "Reserve currency" Paragraph 29
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According to economist Michael Hudson, China has said, " we don't want to make any more foreign exchange reserve of any paper currency, because all the paper currencies are government debt currencies.
" China, Russia, India, Turkey, Brazil, Venezuela and oil-producing countries have recently agreed " to transact all of their mutual trade and investment in their own currencies " effectively minimizing the need, at least in the short term, for a global reserve currency.
And yet oil is still priced in dollars, which has brought complaints about OPEC's policies of managing oil quotas to maintain dollar price stability.
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