Russia sanctions may ‘fragment’ currency market

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An International Monetary Fund (IMF) official has warned that sanctions against Russia may dilute the U.S. dollar’s dominance.

Gita Gopinath, IMF’s First Deputy Managing Director, told the Financial Times Friday that the sanctions have pushed Russia to seek assistance from other currencies. The increased use of other currencies, such as China’s renminbi, could lead to a more fragmented international monetary system.

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