European Central Bank President Christine Lagarde made a case for defending the euro as Russia and China touted de-dollarisation efforts at the annual Brics summit.
At a discussion hosted by the Atlantic Council in Washington on Wednesday, the former IMF chief urged greater attention be paid to Beijing’s and Moscow’s advocacy of alternative currencies to the US dollar and euro.
“[China and Russia] will clearly attempt to push other currencies,” Lagarde said during the non-partisan think tank’s online event. “The renminbi is neck and neck with the euro on trade finance, so I think we all need to be attentive.”
“We need to listen to our customers and our competitors to see what will serve them best, with the concern of defending the currency, establishing the sovereignty as it should be by legitimate means but clearly defending finance.”
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