Combined gold and foreign exchange reserves of Russia and China could shake U.S. dominance in world economy

Almaty. January 9. Silkroadnews - Combined gold and foreign exchange reserves of Russia and China could shake the U.S. dominance in the world economy, Ronan Manly, Singapore’s BullionStar precious metals expert, says, Russia Today reports.
“The gold accumulated by China and Russia could be seen as part of a strategy to move away from international trade denominated in US dollars, according to Singapore’s BullionStar precious metals expert Ronan Manly,” the report said.
In an exclusive interview Manly told the agency that the two countries actively building their gold and foreign currency reserves may in the future return to the currencies baked by gold, thus, move away from the use of the US dollar, which is not supported by gold.
“China and Russia have both been aggressively accumulating their official gold reserves over the last 10 - 15 years,” he said, adding that only a decade ago each of them held around or less than 400 tons. “But now both these nations hold a combined 3670 tons of gold,” the expert added. “Interestingly, both Russia and China publicize and promote their accumulations of gold and publicly refer to gold as a strategic monetary asset. They make no secret of this. But on the flipside, the US does the opposite, and constantly downplays the strategic role of gold.”
According to Manly, for Russia and China, gold is the only strategic monetary asset that can provide independence from the US dollar.
Manly also said the gold reserves of these two countries can be much larger than they officially declare, because there are many channels through which they could buy the precious metal.
“If China and Russia combined showed that they held more gold on a combined basis than the US, this would, even symbolically, be a blow to the US dollar and to the position of the US in the global economy,” the expert concluded.