The Chinese yuan will become the world’s reserve currency instead of the dollar and faster than it’s usually expected, billionaire investor Ray Dalio told CNBC.
He believes the Chinese currency will be used for global trade and financial settlements in the coming years to help it strengthen internationally.
Dalio, the founder of Bridgewater Associates, one of the world’s largest hedge funds, is the 90th richest businessman in the world. Forbes estimates his fortune at $20.3 billion.
In a recent interview, the American investor named the causes of corruption in Russia. According to him, they are related to the inability of Russians to cooperate.
Yuan was called a competitor to dollar as a reserve currency. This opinion is shared by Doctor of Economics Andrei Kolganov. Russia has already begun to abandon the dollar against the backdrop of increasing U.S. sanctions pressure. The share of the dollar in the export calculations of Russia in the fourth quarter of 2020 was 48.3 percent, while a year earlier the figure exceeded 61 percent.