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Russia’s President Vladimir Putin has called for creating a system of multiple reserve currencies to strengthen global financial stability and reduce dependence on the U.S. dollar.
“If we are to slash the excessive number of derivatives, enhance discipline and stabilise global finances, we should promote multiple reserve currencies,” Mr. Putin said at a summit of the Asia-Pacific Economic Cooperation (APEC) forum in Vladivostok on Saturday.
He slammed the position of the U.S. dollar as the single reserve currency of the world. “If there is only one global reserve currency, the issuing country will always be tempted to use it in its selfish interests, which in the long run harms the issuer and violates the fundamental principles of the functioning of the world financial system.”
Apec or Asia-Pacific Economic Cooperation is supposed to be a loose forum for countries in the Pacific rim set up in 1989 as a brain child of then Australia Prime Minister Bob Hawke. From just 12 countries, including Malaysia, Apec has now grown to 21 economies all the way from India to China and to almost all countries in the Americas which has a Pacific Ocean Coast. These countries now account for 57% of the world's GDP, 48% of international trade, more than 40% of the world's Foreign Direct Investments and 40% of the world's population.