Russia's wealth fund to ditch all U.S. dollar assets for gold, euros, and yuan this month

submitted by TheJamesRocket from kitco.com

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[–]Oingo 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (1 child)

To go against the circle jerk, Yuan is a bad fucking idea. Many Chinese people consider large swathes of Siberia ancient Chinese territory, and with the water deficit there, they need Lake Balalaika.

Abandoning the Dollar-good. Adopting the Yuan-bad.

Russia is slowly becoming a client state of China, they have to be more cautious.

[–]TheJamesRocket[S] 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Russia is slowly becoming a client state of China, they have to be more cautious.

Russias economy is on a slow-growth, slow-prosperity trajectory. For such a large, resource rich country, they are not very prosperous. Its GDP per capita is much lower than the United States, Britain, France, and Germany. Russias GDP per capita is roughly at the same level as China. They should be more wealthy than that.

For all of his good policys, Putin does not seem to be putting Russia on the road to becoming a great economic power like Jinping is doing with China. Things may improve with the completion of the belt and road initiative, however. The increased trade in Central Asia will be a huge economic market in the future.