A top Russian banker is predicting the greenback's demise — and he thinks China's yuan is gaining prominence.
"The long historical era of the dominance of the American dollar is coming to an end," Andrei Kostin, the CEO of state-controlled VTB, told Reuters in an Kostin also thinks the yuan could become more widely used as China could loosen its currency restrictions over time. He told Reuters:"China understands that they will not become world economic power Number 1 if they keep their yuan as a non-convertible currency." by assets, is discussing settling trade transactions using the yuan with countries outside China.
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