V. P. ANDREEV Candidate of Economic Sciences Member of the Russian part of the Sub-Commission on Financial Cooperation Russian-Chinese Commission for the preparation of regular meetings of Heads of Government Vice-President of JSC Bank ZENIT yuan Keywords:, world reserve currency The financial and economic crisis of 2008-2009, which was accompanied by a sharp increase in the instability of the world's leading currencies-the US dollar and the euro, both in relation to each other and in relation to the currencies of other countries, significantly accelerated the process of awareness by the world community of the need to reform the international monetary and financial system and expand the list of reserve currencies used in international settlements. The most active role in promoting and implementing this idea is played by the BRICS member countries, primarily Russia and China. At the same time, it should be emphasized that Russia created the necessary legal framework for increasing the role of the ruble in international settlements much earlier than China. THE EMERGENCE OF ALTERNATIVE RESERVE CURRENCIES IS INEVITABLE As early as in the first edition (October 1992) of Federal Law No. 173-FZ "On Currency Regulation and Currency Control", it was declared that currency transactions using the Russian ruble on current balance of payments items are carried out without restrictions. This made it possible, even at the first stage of market reforms in Russia, to ensure an increase in the liquidity of the foreign exchange market in the Russian Federation and to allow the use of the ruble in settlements on foreign trade, primarily with the CIS countries. Since June 1, 1996 on the basis of the presidential decree The Russian Federation acceded to article VIII of the statute of the International Monetary Fund (IMF), which meant that it assumed international obligations to maintain the convertibility of the Russian currency for current operations. Russia, as part of its initiatives ... Читать далее