Russia and China are brewing up a challenge to dollar dominance by creating a new reserve currency
"This is a move to address the perceived US-hegemony of the IMF," ING's global head of markets Chris Turner said in a note."It will allow BRICS to build their own sphere of influence and unit of currency within that sphere.", curtailing access to its dollars and putting pressure on its economy.
"The speed with which western nations and its allies sanctioned Russian FX reserves no doubt shocked Russian authorities," ING's Turner said. "The Central Bank of Russia effectively admitted as much, and no doubt some BRICS nations — especially China — took notice of the speed and stealth at which the US Treasury moved," he added.
Those sanctions have likely encouraged Moscow and Beijing to work on an alternative to the IMF's international reserve asset, theWhile it's not a reserve currency, the SDR is based on a basket of currencies made up of the
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