Intensification of Russian-Chinese cooperation and the transformation of the International monetary system

Abstract

The aims of this paper is to consider assumptions and to assess possibilities for transformations of the international monetary system in the direction of overcoming the domination of the U.S. dollar, and establishing the multicurrency system. Current processes of diversification of the international currency system, internationalization of Chinese yuan (RMB), and declining trend of the U.S. dollar (petrodollar) in international energy trade are also analyzed. These processes consolidate and affirm the actual theoretical presumptions on potential ways of transformation of the international monetary system.

Keywords

• international monetary system
• china
• russia
• u.s. dollar domination
• rmb