Pointing out that China and Russia are seeking to adopt a new currency backed by gold, with the aim of removing the status of the US dollar as the world's first reserve

currency and undisputedly dominant in the global trading system since the end of World War II, but can the US dollar really be neutralized as the first and main currency in the global money market, in which more than 80% of all foreign exchange transactions are used.

"The US dollar will remain the safest, most consistent and most widely used currency in Asia and the world, "Fox Business Network quoted the economist at the Heritage Foundation's Center for Asian Studies, min Hua Qiang, as saying.

According to economist Qiang, there is no other currency backed by gold or otherwise that can currently be compared with the US dollar, and "this is unlikely to change in the near future," he said.

China and Russia have not confirmed or denied the existence of a trend between the two countries on the "alternative currency", but Beijing launched earlier this year a campaign to buy huge amounts of gold, in conjunction with Moscow's having to abandon the dollar because of the sanctions imposed on it as a result of its war in Ukraine, which led to an increase in demand for gold as a safe haven par excellence.

In light of the developments in the war in Ukraine, tensions on the island of Taiwan, and the intensification of the trade war that has been characterizing the relationship between China and the United States for years, some experts are not far away that Beijing will launch a new gold-backed currency.

The idea of a common Russian-Chinese currency has been talked about repeatedly over the past decade, especially after the Russian central bank opened its first foreign office in Beijing in 2017.

Craig Singleton, an American researcher specializing in China at the foundation for the defense of Democracies, points out that Chinese officials have always talked over the past two decades about the need to reform the global financial system to ensure an end to the dominance of the US dollar on the global money market.

In a statement to Fox News, Singleton believes that"two elements are concentrated in the strategy; the first is related to the development of the global commodity trading system based on the yuan and the second is related to the efforts made by China in partnership with Russia and other countries of a similar orientation, to challenge the dominance of the dollar through the creation of a new reserve currency.

"In principle, Beijing and Moscow are seeking to build their own sphere of influence with a single currency, which would guarantee them immunity from US sanctions,"continues researcher Singleton.

In this context, it is noteworthy that the Swiss Federal Customs Administration announced last August that China, one of the largest buyers of gold bullion in the world, received more than 80 tons from Switzerland in July, more than twice more than in June and eight times more than in May.

International financial data released since last March indicate that China has the seventh largest gold reserves in the world, while Beijing continues to receive more shipments of the precious metal.

Francis hunt, a trading expert at Asia markets, explains that using gold to support the currency is the best way to localize confidence in the said currency, and Hunt did not rule out that the currency would be "digital, in order to give the Chinese authorities a higher possibility to monitor the activity of its citizens".

But on the other hand, Chiang underestimates the importance of the potential success of a new currency due to the "relatively small volume of trade", which would limit the growth of that currency, and the issue of that currency being digital, this will lead to difficulty in promoting it, in his opinion.