Traditional reserve currencies on the decline, says Pimco
The near-term outlook for the US dollar and the euro remains bleak, but emerging market currencies – particularly the Russian ruble and Chinese renminbi – have structural advantages, according to a senior official at Pimco.
Speaking in the keynote address at the FX Week USA conference in New York this morning, Doug Hodge, Pimco's chief operating officer, delivered a sobering assessment of the weaknesses blighting traditional reserve currencies, pointing out the value of the dollar on a trade
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