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Dollar is a world's reserve currency
In the next few years, the dollar will remain the world's reserve currency, said participants in the roundtable held in RIA Novosti on Monday. According to Duma deputy Mikhail Zadornov, China and Japan are not ready to give up the US dollar as a reserve currency. "If the central banks of China and Japan had given up the support for the US dollar, we would have seen a different growth dynamics of the dollar and the consequences would have been completely different. However, they continue supporting the dollar," said Mr. Zadornov. In his words, according to the consensus forecast of the leading investment banks, the rate of the euro to the dollar will increase up to $1.35-1.4 per euro. "Correspondingly, the ruble is unlikely to strengthen by more than 27 rubles per dollar," added the deputy. His position is shared by Yevgeny Yasin, an expert of the Higher School of Economics. "I would not give up the dollar so easily," he said. Andrei Belousov, analyst of the macroeconomic and short-term think tank, concurs with him. He noted that the dollar remained not only a reserve currency for many countries but also a means of payment in oil trade. According to Mr. Belousov, if oil trade is gradually transferred to a different currency, then the rate of the dollar will adequately change. "But this will hardly happen before 2006-2007," he said. The rate of the dollar is 27.84 rubles today.
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