Here's why experts say Russia and China's attempts to 'de-dollarize' global markets are going nowhere
to challenge the dollar's position as the leading currency of global trade.
According to Jay Zagorsky, an economist from Boston University, one of Russia's chief problems is that its economy is inherently tied to the dollar through its oil trade. Crude oil is one of Moscow's main revenue sources, and transactions are widely denominated in the US currency. "Russia is a fragile economy and they're heavily sanctioned. They've got a tremendous amount of economic difficulty," according to Bob Stark, the head of market strategy at Kyriba."Would Russia love to topple to US dollar? I'm sure, but that's not really the conversation." The bigger player in all of this is China, which has struck ato boost the presence of its yuan on the world stage.
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