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Russia Empowers China by Dumping Euros for Yuan

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Russia Empowers China by Dumping Euros for Yuan
Russian President Vladimir Putin and Chinese leader Xi Jinping during their meeting in Beijing on Feb. 4, 2022. Alexei Druzhinin/Sputnik/AFP via Getty Images
Anders Corr
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Commentary
Moscow on Feb. 9 announced plans to exclude Europe’s currency from Russia’s sovereign wealth fund. Starting this year, China’s yuan and gold will apparently take the euro’s place. According to Russia’s TASS state media, the yuan may now compose up to 60 percent of the country’s currency funds and gold up to 40 percent.
Anders Corr
Anders Corr
Author
Anders Corr has a bachelor's/master's in political science from Yale University (2001) and a doctorate in government from Harvard University (2008). He is a principal at Corr Analytics Inc. and publisher of the Journal of Political Risk, and has conducted extensive research in North America, Europe, and Asia. His latest books are “The Concentration of Power: Institutionalization, Hierarchy, and Hegemony” (2021) and “Great Powers, Grand Strategies: the New Game in the South China Sea" (2018).
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