Russia, China Will Find Developing Alternative To Dollar 'Tremendously Difficult' - Yellen

WASHINGTON (UrduPoint News / Sputnik - 24th March, 2023) Russia and China are among the countries trying to develop an alternative world reserve Currency to the Dollar - a task that will remain "tremendously difficult" given the standing of the US currency, Treasury Secretary Janet Yellen said in a congressional testimony.

"Well, I certainly want to see the dollar remain as the world's reserve currency and there is a motivation that Russia and China have to try to develop another system that avoids the use of the dollar," Yellen said on Thursday. "But this is something that's tremendously difficult to accomplish and I have confidence that the dollar will remain the world's reserve currency for a long time to come, in spite of there being various efforts to create systems to get around it."