The collapse of the Russian ruble and the Chinese yuan shows why a potential BRICS currency is not a threat to the U.S. dollar’s status as the world’s reserve currency, Breitbart Economics Editor John Carney told Fox Business host Larry Kudlow Friday.
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The International Monetary Fund (IMF) announced on Thursday that countries may use the Chinese yuan to settle their debts with their organization after Argentina paid part of its dues to the IMF in yuan in June.
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Developing countries are seeking to reduce their dependence on the American dollar as the global reserve currency, some of which are instead turning to the Chinese yuan as the communist nation fosters a growing role for itself in the international economy.
Read More: Daily Wire