Media reported as Russia and China will oust the US in the global economy

© RIA Novosti / Sergey Goneeverything in fotobanka Russia and China. Archival photoMedia reported as Russia and China will oust the US in the global economy© RIA Novosti / Sergey Goneeverything the image Bank

Chinese Internet portal Sohu explained how Russia and China could undermine the US position in the world economy.

The publication notes that a number of countries are actively trying to find an alternative to the dollar as a reserve currency. Thus, Moscow and Beijing in bilateral oil trade has created bestellenbuy environment, as well as increase production of gold to hedge against the falling dollar. At the moment Russia and China together possess about 3670 tons of the precious metal.

According to the online publishers BWChinese, USA is in first place in the world for gold reserves (8133,5 tons). In turn, China and Russia occupy sixth and seventh places respectively (1842,6 and 1828,6 tons). However, according to experts, Moscow and Beijing may have an even greater amount of the precious metal as there are plenty of channels of buying it.

Thus, the gold reserves of both countries together can be greater than reserves of USA, which puts at a disadvantage the U.S. dollar, and may take on Washington in the global economy.

A gold reserve is the Central Bank or the Ministry of Finance of the country and is part of the international reserves, including securities and foreign currency.