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US geopolitical rivals have long bemoaned their dependence on the US dollar. Valéry Giscard d’Estaing, then the French finance minister, denounced it in 1965. Zhou Xiaochuan, head of the People’s Bank of China (PBoC), gave a high-profile speech in 2009, some 14 years ago, that similarly pointed out China’s shortcomings. a global monetary and financial system based on the dollar. Russia began changing the currency composition of its foreign assets away from the dollar in 2013, before its president.
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