Chinese Yuan to Replace US Dollar as World’s Reserve Currency, Says Russian Banker

The chairman of Russia's second-largest bank, which claims that the Chinese yuan could replace the US dollar as the world's primary reserve currency.

This expectation is attributed to several reasons, including the fact that the central bank of Russia has already started investing its reserves in yuan and over 70% of the trade turnover between Russia and China is now settled in yuan.

Moreover, according to official data from China's State Administration of Foreign Exchange, the Chinese yuan has already surpassed the U.S. dollar as the most used currency for settling cross-border payments in China.

However, it is also worth mentioning that not everyone seems ready for this de-dollarization. A Business Insider report suggests that even China may not be fully prepared for a complete shift from the US dollar.

These predictions should be taken with a grain of caution as the dynamics of global finance are intricate and subject to a multitude of variables, including geopolitical factors, economic performance, market confidence, and the policies of central banks worldwide.