Russia will completely remove U.S. dollar assets from its National Wealth Fund.

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Did any of the yuan and rubble rambling commenters even read the article? Russia’s NFW wealth fund is $186 billion dollars in total value. That’s very small amount in the grand scheme of things, and is quite literally political posturing in retaliation for the continued US sanctions. The US government is only really concerned about the power of their sanctions, the power of the USD itself isn’t really threatened. Especially since the only economy big enough(China) has employed strict currency controls that doesn’t make it very appealing to private investors, which are the most responsible for the international flow of currency. Like please, Switzerland’s relatively tiny economy has its currency traded more on the forex than the yuan is.

Epic_Nguyen

this was posted earlier from ING at econmonitor , the assets are drop in the bucket some $40 billion, the whole exchange will be covered by Russian central bank and has no effect on any markets, purely symbolic political move.

Great-Lychee

Don’t think for a second that this move isn’t just coincidental on the heels of these series of massive cyberattacks on the US infrastructure. The only thing that gives the US dollar value as a fiat currency is faith and belief in an idea and the US global standing as a world power. Devalue the currency and faith in the system; long term goals of replacing with say the Chinese yuan; and with the rise of DeFi and diversification and implementation towards making cryptocurrency mainstream all over the world, mix these together and poof! No more sanctions problem.

Puzzleheaded-Can8759

I don’t know why any SWF or national asset manager would hold US treasuries at this point. The US is demonstrating disastrous and unsustainable fiscal policy. US equities may be a good bet, but not US bonds/treasuries. Moreover, it’s becoming rapidly apparent how far behind the US dollar is when it comes to making transactions. The Chinese have been much faster adopters of electronic and mobile payments. Meanwhile people in the US still use cash and check. So the US is getting it from both ends. The dollar payment systems are bad and insecure, and the policy backing the value is faltering. No wonder valuations are so high and crypto is taking off. People want to get rid of their dollars!

capital_gainesville