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PONARS Eurasia
PONARS Eurasia
  • About
    • Contact
    • Membership
      • All Members
      • Core Members
      • Collegium Members
      • Associate Members
      • About Membership
    • Ukraine Experts
    • Executive Committee
  • Policy Memos
    • List of Policy Memos
    • Submissions
  • Podcasts
  • Online Academy
  • Events
    • Past Events
  • Recommended
  • Ukraine Experts
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RECOMMENDED
  • The Russia Program at GW (IERES)

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  • The Evolving Concerns of Russians after the Invasion | New Voices on Eurasia with Sasha de Vogel (March 9)

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RSS PONARS Eurasia Podcast
  • The Putin-Xi Summit: What's New In Their Joint Communique ? February 23, 2022
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    In this week's PONARS Eurasia Podcast episode, Maria Lipman chats with Denis Volkov, Naira Davlashyan, and Peter Slevin about why COVID-19 vaccination rates are still so low across the globe, comparing vaccine hesitant constituencies across Russia, France, and the United States.  
  • Is Russia Becoming More Soviet? [Lipman Series 2021] July 26, 2021
      In a new PONARS Eurasia Podcast episode, Maria Lipman chats with Maxim Trudolyubov about the current tightening of the Russian political sphere, asking whether or not it’s helpful to draw comparisons to the late Soviet period.
  • The Evolution of Russia's Political Regime [Lipman Series 2021] June 21, 2021
    In this week's episode of the PONARS Eurasia Podcast, Maria Lipman chats with Grigory Golosov and Henry Hale about the evolution of Russia's political regime, and what to expect in the lead-up to September's Duma elections.
  • Volodymyr Zelensky: Year Two [Lipman Series 2021] May 24, 2021
    In this week's episode of the PONARS Eurasia Podcast, Maria Lipman chats with Sergiy Kudelia and Georgiy Kasianov about Ukrainian President Zelensky's second year in office, and how he has handled the political turbulence of the past year.
  • Recommended | Рекомендуем

New Policy Memo: The Ruble and the Yuan: Allies or Competitors?

  • June 14, 2013
  • Juliet Johnson

The BRICS states—Brazil, Russia, India, China, and South Africa—have increasingly sought to develop and diversify the international monetary system in ways that do not rely on dialogue with the system’s traditional powers. They are now using the BRICS forum to reinforce economic cooperation among themselves and to create alternatives and work-arounds to existing international institutions.

Russia’s official “Concept of the Russian Federation’s Participation in BRICS,” released just ahead of the March 2013 BRICS summit in Durban, South Africa, views the bloc as forging “a new model of global relations, which supersedes the old division lines between the East and the West, or between the North and the South.” Advancing fundamental reform of the international monetary system through the BRICS represents a central pillar of the concept document.

The BRICS states have two major related initiatives in this regard: to promote a multicurrency-based international monetary system by increasing the use of each other’s currencies in place of the U.S. dollar, and to create a BRICS development bank as an alternative to the IMF/World Bank.

These efforts face substantial obstacles, however, chiefly because of the competitive relationship between Russia and China. The yuan has greater potential for internationalization than does the ruble, although Russia is reluctant to acknowledge this fact, given its own international and regional monetary ambitions. The scope of concrete BRICS cooperation in this area thus seems destined to be limited to small and largely symbolic efforts that, on their own, cannot effectively challenge the international status quo.

The Ruble and the Yuan: Allies or Competitors?

PONARS Eurasia Policy Memo No. 255

by Juliet Johnson

June 2013

View the Policy Memo (PDF)

Related Topics
  • BRICS
  • China
  • Johnson
  • Russia
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New Policy Memo: The Russian Military under Sergei Shoigu: Will the Reform Continue?

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BRICS: Emerging, Resisting, Cloning

  • June 14, 2013
  • Andrey Makarychev
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The Evolving Concerns of Russians after the Invasion | New Voices on Eurasia with Sasha de Vogel (March 9)

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  • March 2, 2023
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Why Still Pro-Russia? Making Sense of Hungary’s and Serbia’s Pro-Russia Stance

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  • February 9, 2023
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The Desire to Possess: Russia’s War for Territory

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