jhungary
MILITARY PROFESSIONAL
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Russia only have 150 billions of gold. That's not even half of what they have in Central Bank. This is going to go in no time.You don't really need foreign currency to serve as the reserve in order to back its own currency. China does that because it wants to maintain advantageous rate with US dollar. Russia, on the other hand, has more gold reserve than China has, though its economy is only a fraction of the Chinese.
And you need foreign currency to balance your own currency, this has been done in EVERYCOUNTRY, China included. Of the 3 Trillion Chinese surplus, 1.4 Trillions is US Dollar. within that 1.07 are US T-Bond.