RUSSIAN Ruble is Dead as a Global Currency as Russia Uses YUAN for Trade & Russian Company Debt
Video Summary
The video discusses the current state of the Russian Ruble, specifically its decline in value and its decreasing use as a global currency. At the beginning of the Russian invasion of Ukraine, President Putin aimed to establish the Ruble as a major currency, rivaling the US dollar. He demanded that countries trading with Russia do so in Rubles, not dollars or euros. However, this initiative failed due to China and India’s refusal to deal in Rubles.
Instead, Russia has turned to China as a main trading partner, with most trade being done in Chinese Yuan. This has led to the Yuan overtaking the Euro as the second most traded currency in the world. As a result, the Ruble has seen a significant decline in value, with its exchange rate against the Yuan and other major currencies plummeting. The Russian Central Bank has tried to support the Ruble by buying it back in the international market and implementing capital controls, but this has had limited success.
The video concludes that the Ruble is likely to continue its decline, potentially becoming a dead currency, with only Russia itself willing to deal in it. The rise of the Yuan has significant implications for the global economy, with the Chinese currency set to rival the US dollar in global transactions.
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