Ruble Could Be Regional Reserve Currency Within 5 Years

POLITICAL ECONOMY

File image.

by Staff Writers
Osaka, Japan (RIA Novosti) Jun 18, 2008
The Russian ruble could become a regional reserve currency within the next five years, Finance Minister Alexei Kudrin said on Friday.

Speaking to reporters in Osaka on the sidelines of a Group of Eight finance ministers' meeting, Kudrin said the Russian national currency has already begun to play the role of a reserve currency in certain states.

President Dmitry Medvedev said last week that turning Moscow into a global financial center and the Russian ruble into a leading regional reserve currency are key to building a competitive financial system in Russia.

The finance ministers' meeting is part of preparations for the G8 summit, to be held on the Japanese island of Hokkaido on July 7-9.

Source: RIA Novosti

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POLITICAL ECONOMY

Chinese brokerage to launch investment fund in quake-hit city

Shanghai (AFP) June 12, 2008
China's CITIC Securities said Thursday it plans to launch a six-billion-yuan (870-million-dollar) industrial investment fund to serve reconstruction in a southwestern quake-hit city.

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