The American dollar’s reign as the world’s top currency is coming to an end, and there’s nothing the US can do about it – according to Russian foreign minister Sergey Lavrov.
After giving a new speech to the UN Security Council, Lavrov told reporters that a global currency flip is coming like a freight train in a move that will permanently change the global financial landscape.
According to the Russian state news agency TASS, Lavrov says a seismic shift away from the dollar will have dramatic and unforeseen consequences.
“The Americans have started the de-dollarization process. Already now this process is being analyzed particularly by American political analysts and economists with deep concern.
The shift to settlements in national currencies bypassing the dollar, the euro and the yuen, to digital currencies can no longer be stopped, and the future of the international currency financial system, including the International Monetary Fund (IMF), the World Bank, remains to be seen.”
A shift away from the dollar is already underway in both Russia and China.
This week, the Chinese yuan surpassed the dollar and became the most widely-used currency for China’s cross-border transactions, as reported by Reuters.
And in Russia, the yuan recently overtook the dollar as the country’s most traded currency, according to Bloomberg.
Chinese banks are also reporting a major increase in cross-border business utilizing the yuan, citing booming trade with Russia and strengthening ties with the Middle East.
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