The head of VTB Kostin predicted the imminent end of the era of US dollar dominance in the global economy

The president-chairman of the board of the Russian bank explained why the role of the dollar is weakening in the global economic arena.

Andrey Kostin named the currency, which in the foreseeable future will push the “American”.

The head of VTB noted that many key events in the global economy are now dictated by the current geopolitical situation, reports Reuters.

In the current environment, many countries are reorienting to other currencies, abandoning the US dollar.

U.S. dollars
Photo: © Belnovosti

Kostin believes that the long historical era when the American currency dominated the world is coming to an end. In his opinion, serious competitors of the dollar are already appearing, who are able to take its place in the world economy.

A striking example of this, the head of VTB considers the Chinese yuan. The PRC understands that the country cannot become the number one economic power while restrictions are in place. For example, the yuan is a non-convertible currency (valid within the country, it cannot be exchanged).

Kostin stressed that China is working to change the situation. He believes that after making a number of decisions, the yuan will have every chance to take a leading role in the global economy.

The Russian financier added that already at this stage, VTB representatives are discussing the use of the Chinese currency in settlements with third countries.

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