Li Xunlei: Russia’s countermeasures will shake the global monetary system dominated by the US dollar

Source: CBGG   

Published: 2022-4-29

On April 23, 2022, the Academic Seminar on the Impact of US-European Financial Sanctions on Russia and the World and the Reform of the International Monetary System, jointly organized by the Center for BRICS and Global Governance (CBGG) and the World Finance Forum(WFF), was held in Beijing. Li Xunlei, Chief Economist of Zhongtai Securities, attended the seminar and delivered a keynote speech.

Li Xunlei said that after the U.S. and Europe imposed financial sanctions on Russia, the global monetary order needs to be re-established and reshaped. For Russia, in order to counter the U.S. and take a series of anti-sanctions measures, it should consider increasing its gold reserves, using gold as a settlement tool, or increasing its reserves of RMB. Whether this can help get rid of the global monetary system dominated by the US dollar is a major topic worthy of study. In the short term, this will be unlikely, but at least it would shake the global monetary system dominated by the U.S. dollar.