A notable Russian economist, a deputy head academic with ties to RANEPA, has suggested that the yuan could eventually supplant the dollar as the world’s leading currency, projecting a full shift within ten years. This view has circulated in media discussions and analysis circles, including reports by URA.RU.
According to the analyst, a single global currency could offer benefits to many economies, yet the timeline is critical. He argues that such a transition would require at least a decade and unlikely to unfold within the next ten years. He also contends that challenging the dollar’s dominance is not straightforward, describing the notion as impractical for the immediate future.
He notes that a nation’s economic weakness often unfolds gradually, a steady, almost inertial process rather than a rapid transformation in financial markets.
Recent reporting highlighted shifts in the currency composition of Russia’s annual export settlements. The yuan’s role in these transactions rose sharply, increasing from a minimal share to a more sizable portion over a multi-year period.
Earlier data indicated that in early 2022, export contracts primarily used dollars and euros. Currencies from nations labeled as hostile accounted for a large majority, while the yuan and the ruble each accounted for a small share, under 0.5 percent. By year-end, the distribution shifted, with nonpreferred currencies growing in share while the ruble and yuan expanded their presence, and other currencies from allied states filled a smaller portion of deals.
Throughout the period, observers debated how geopolitical and economic pressures might influence currency preferences in international trade. The discussion underscored the evolving landscape where exchange channels and reserve currencies adapt over time in response to policy moves, market confidence, and trade alliances. Researchers and analysts in North America and Europe monitor these dynamics to gauge potential implications for global pricing, inflation, and monetary strategy. (Source: URA.RU)