Dollar to be dropped from National Wealth Fund structure within one month, says minister

[Piotr]

So when are these SPFS and CIPS systems actually being deployed and what percentage of global transactions are expected to go through them?

(Oh wait, let me guess. )

Russia mostly succeeded with geting rid of US dollars from their National Welth Fund. I'm sure they will succeed with other things as well. There is not much US ill-wishers like you can do.

 

[VCheng]

Russia mostly succeeded with geting rid of US dollars from their National Welth Fund. I'm sure they will succeed with other things as well. There is not much US ill-wishers like you can do.

As long as Russia remains a kleptocracy pining for its old empire, not much will become of it.

 

[Shah Khalid]

Smart move

 

[OIO]

Dollar to be dropped from National Wealth Fund structure within one month, says minister

SPIEF - 2021
3 Jun, 12:24Updated at: 13:27

Russian Finance Ministry has decided to reduce the funds of the NWF invested in dollar assets and replace them by an increase in the euro and gold

View attachment 750275
Russian Finance Minister Anton Siluanov
© Anton Novoderezhkin/TASS


ST. PETERSBURG, June 3. /TASS/. Russia plans to fully abandon the US greenback in the structure of the National Wealth Fund (NWF) and reduce the share of the British pound within a month, Finance Minister Anton Siluanov revealed on the sidelines of the St. Petersburg International Economic Forum on Thursday, adding that the share of euro and yuan will rise, gold will be added, but the portfolio of Japanese yen will remain unchanged in the NWF.
"We, just like the Central Bank, have decided to reduce the funds of the NWF invested in dollar assets. Today’s structure has around 35% of the NWF’s funds invested in dollars. We have decided to fully withdraw from dollar assets, replacing investments in dollars by an increase in the euro, in gold," he said, adding that the shift to a new structure of the NWF is expected within a month.
"[Investments] in dollars will equal 0%; in euro they’ll come to 40%; in yuan they’ll amount to 30%; in gold - 20%; and in pounds and yuan - 5% each. We have substituted dollars with an increase of 5% in euro, gold and yuan," the finance chief explained.
"The Central Bank is the operator (regarding gold purchases - TASS). It operates its gold and currency reserves and defines the structure of its assets for the National Wealth Fund and the share of the National Wealth Fund in those assets itself," he said.

Currently, the share of the greenback and the EU’s currency in the NWF stands at 35%, with the yuan’s share at 15%, the sterling pound at 10%, and the yen at 5%.

https://tass.com/economy/1297717

US dollar is going to be worth less than a toilet paper.

When will China de-dollarize?

 

[Piotr]

When will China de-dollarize?

That's already happening, albiet slowly.

 

[Bilal9]

When will China de-dollarize?

Beijing Accelerating Plans to Replace US Dollar as World Reserve Currency: Chinese Professor


The Chinese regime is accelerating its efforts to challenge the U.S. dollar’s dominance in global markets and trade by taking advantage of the economic shifts caused by the pandemic, a Chinese professor recently revealed.

In the post-pandemic world, China should be the “one who decides the benchmark of value,” Di Dongsheng, associate dean of the School of International Studies at Renmin University in Beijing said in a video posted on Chinese social media on Feb. 4.

“The currency that fixes the price will eventually be the renminbi.” The professor last April described the pandemic as an opportunity “unseen in 100 years” for the regime to realize its goal of making “all seven billion people in the world pay for [China].”

If the Chinese yuan (or renminbi) achieves global hegemony, Beijing will be in a position to print more money to dilute the value of yuan held by the world’s population

Beijing Accelerating Plans to Replace US Dollar as World Reserve Currency: Chinese Professor

www.theepochtimes.com

 

[BHAN85]

what can u buy with USD? everything, even your soul.

what can u buy with Russian currency? oil and kokodrile drug.

what can u buy with Chinese currency? cheap junk and eavesdropped phones.

 

[TigerOfMysore]

Dollar to be dropped from National Wealth Fund structure within one month, says minister

SPIEF - 2021
3 Jun, 12:24Updated at: 13:27

Russian Finance Ministry has decided to reduce the funds of the NWF invested in dollar assets and replace them by an increase in the euro and gold

View attachment 750275
Russian Finance Minister Anton Siluanov
© Anton Novoderezhkin/TASS


ST. PETERSBURG, June 3. /TASS/. Russia plans to fully abandon the US greenback in the structure of the National Wealth Fund (NWF) and reduce the share of the British pound within a month, Finance Minister Anton Siluanov revealed on the sidelines of the St. Petersburg International Economic Forum on Thursday, adding that the share of euro and yuan will rise, gold will be added, but the portfolio of Japanese yen will remain unchanged in the NWF.
"We, just like the Central Bank, have decided to reduce the funds of the NWF invested in dollar assets. Today’s structure has around 35% of the NWF’s funds invested in dollars. We have decided to fully withdraw from dollar assets, replacing investments in dollars by an increase in the euro, in gold," he said, adding that the shift to a new structure of the NWF is expected within a month.
"[Investments] in dollars will equal 0%; in euro they’ll come to 40%; in yuan they’ll amount to 30%; in gold - 20%; and in pounds and yuan - 5% each. We have substituted dollars with an increase of 5% in euro, gold and yuan," the finance chief explained.
"The Central Bank is the operator (regarding gold purchases - TASS). It operates its gold and currency reserves and defines the structure of its assets for the National Wealth Fund and the share of the National Wealth Fund in those assets itself," he said.

Currently, the share of the greenback and the EU’s currency in the NWF stands at 35%, with the yuan’s share at 15%, the sterling pound at 10%, and the yen at 5%.

https://tass.com/economy/1297717

US dollar is going to be worth less than a toilet paper.

Russian action alone will not have a material impact on dollar value.
What is however troubling and is likely to impact dollar value is the overlapping of a number of things:
1) Russia and China both reducing their dollar holds
2) China reducing drastically its purchase of US Bonds
3) General cooling of foreign US bond purchase forcing the Fed buying its own issuance in order to maintain its price equilibrium
4) Liquidity pump in dollars within the US market
5) Portion of world trade moving away from US Dollar (likely 15% in the next 5 years)

You take all of these together an we are likely to see dollar inflationary pressure. Having said that Dollar will remain on a global level one of the stronger currencies but will loose its shine. A second major wave of CoVid or a failed rebound in the economy and we could see a significant issue.

 

[crankthatskunk]

I will gladly accept donations of such worthless toilet paper, please.

Not for now, but if China makes a similar move, you are guaranteed a rapid decline of dollar.
How long before it is equal to toilet paper, I don't know.
But I know one thing for sure, shit would hit the fan in the USA.

 

[Microsoft]

View attachment 750278

(The impending death of the USD may be exaggerated, seriously.)

Right now it may be exaggerated but it doesn't mean we should be complacent. There are clear challenges for the dollar beginning with this socialist government increasing the debt like no tomorrow and reduction in oil usage in the near future.

 

[VCheng]

Not for now, but if China makes a similar move, you are guaranteed a rapid decline of dollar.
How long before it is equal to toilet paper, I don't know.
But I know one thing for sure, shit would hit the fan in the USA.

Right now it may be exaggerated but it doesn't mean we should be complacent. There are clear challenges for the dollar beginning with this socialist government increasing the debt like no tomorrow and reduction in oil usage in the near future.

It's okay. Let China try its best, and let USA do the same. That is the way this always goes. The better side wins geopolitically over the long term. I know which side I would bet on, but others are free to make their own choices.

 

[FuturePAF]

So the price of gold will go up slightly when Russia finally makes this move.

 

[Old School]

The real value of US dollar is no different than any hypervalued US stock run by a fraud who calls himself 'innovative'. The only difference is that US Dollar is backed by a monster war machine. People are forced to obey the advertized value without asking questions.

 

[Microsoft]

It's okay. Let China try its best, and let USA do the same. That is the way this always goes. The better side wins geopolitically over the long term. I know which side I would bet on, but others are free to make their own choices.

Are you 70+ years old by any chance?

 

[Mk-313]

The real value of US dollar is no different than any hypervalued US stock run by a fraud who calls himself 'innovative'. The only difference is that US Dollar is backed by a monster war machine. People are forced to obey the advertized value without asking questions.

And yet your are using the internet created by the same fraud companies to utter nonsense . So that the creators of this forum can get paid by the same companies by showing you ads.

And discounting the fact that you know nothing about how money and Forex actually works. The value of a USD is not pertenant As much by who holds it but by who accepts it. That is where the real value lies Because when Russians needs to buy something that accepts USD they are going to have to reconvert those euros back to USD to pay them