Russia Dumps the U.S. Dollar as Reserve Currency

[sandwind]

" The dollar has thus lost the status of the basic reserve currency for the Russian Central Bank"


http://www.marketoracle.co.uk/Article10755.html

[ThePythonicCow]

Re: Russia Dumps the U.S. Dollar as Reserve Currency

" The dollar has thus lost the status of the basic reserve currency for the Russian Central Bank"
http://www.marketoracle.co.uk/Article10755.html

Worth noting - another step in bringing the dollar down from its lofty perch as the worlds reserve currency.

However the article's title seems overstated to me. The numbers in the article seem to say that there was a shift of a few percentage points last month between how many dollars and how many Euros were held by the Russians as currency assets. This is not a "dump", just a shift.

The larger picture, over a longer time span, may well be a dump by Russia of the dollar. But the month reported here is just a modest shift.

[c1ue]

Re: Russia Dumps the U.S. Dollar as Reserve Currency

The article is stupid - assertion based on complete fantasy.

There will be a shift downwards in dollar holdings in Russia, but that is due to the value of the dollar falling more than anything else.

Certainly Russia is no longer buying Treasuries and agencies, but then again they also are presently in a deficit spending situation.

A case of a hammer seeing everything as nails here.

[metalman]

Re: Russia Dumps the U.S. Dollar as Reserve Currency

The article is stupid - assertion based on complete fantasy.

There will be a shift downwards in dollar holdings in Russia, but that is due to the value of the dollar falling more than anything else.

Certainly Russia is no longer buying Treasuries and agencies, but then again they also are presently in a deficit spending situation.

A case of a hammer seeing everything as nails here.

read all your posts. always clear, concise, measured, well informed. thx!