I will comment on this later.
Business Week reports:
June 19 (Bloomberg) — Russia wants the ruble to be one of the world’s reserve currencies as President Dmitry Medvedev renews his push to reduce the dollar’s dominance and make Moscow a global financial hub.
“Only three, five years ago it seemed like a fantasy” to create a new reserve currency, Medvedev said yesterday in a speech in St. Petersburg, Russia. “Now we are seriously discussing it.”
…
“It’s something that’s obviously needed,” he said at the St. Petersburg International Economic Forum. “Developing a financial center in Moscow will considerably help to strengthen the ruble’s position as one of the reserve currencies.”
The Financial Times reports:
“What had seemed untouchable has collapsed. The bubbles that created the illusion of flourishing economies have burst,” Mr Medvedev said. “For Russia this situation is a challenge and an opportunity. We are living in a unique time. And we should use it to build a modern, flourishing and strong Russia … which will be a co-founder of the new world economic order and a full participant in the collective political leadership of the post-crisis world.”
