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Russia - China Trade Ditches The US Dollar As Currency Of Choice For Transactions
Posted on 4/27/21 at 6:48 am
Posted on 4/27/21 at 6:48 am
Russian trade in US dollars has now dropped below 50% with continued trend expected.
A significant amount of the drop of usage of the US dollar was in trade with China. Around 75% of all Russia - China trade is now transacted with the Euro with Russia’s share nearing 40% Euro transactions, a dynamic trend also expected to continue.
Trade between the two countries transacted in rubles and yuans has risen to about 25%, up dramatically from 2% just over 5 years ago.
All of this is due to a concerted effort by the two countries to ditch the US dollar in trade. Russia has also ceased its purchases and reduced its holdings of US debt, opting to invest in gold and the Euro instead.
Russian Deputy FM Alexander Pankin: “Unpredictable American economic policy call into question the reliability and convenience of using American currency as the priority of deals. States are now being forced to take measures against the risk of economic losses and uncertain transactions. Therefore, there is increasing interest in developing alternative mechanisms. Using other currencies in trade is becoming more and more important on the international agenda.”
Russia and China are also developing an international banking network to process transactions and act as an alternative, and eventually a rival, to SWIFT.
Russian FM Lavrov: “We need to move away from the use of western controlled international payment systems. Our [Russia and China] respective fiscal authorities, financial institutions, and the central bank will expand its application. We will take the steps to prevent our economies from being exposed to threats from unfriendly nations.”
From RT, Bank of Russia, Bank of China
A significant amount of the drop of usage of the US dollar was in trade with China. Around 75% of all Russia - China trade is now transacted with the Euro with Russia’s share nearing 40% Euro transactions, a dynamic trend also expected to continue.
Trade between the two countries transacted in rubles and yuans has risen to about 25%, up dramatically from 2% just over 5 years ago.
All of this is due to a concerted effort by the two countries to ditch the US dollar in trade. Russia has also ceased its purchases and reduced its holdings of US debt, opting to invest in gold and the Euro instead.
Russian Deputy FM Alexander Pankin: “Unpredictable American economic policy call into question the reliability and convenience of using American currency as the priority of deals. States are now being forced to take measures against the risk of economic losses and uncertain transactions. Therefore, there is increasing interest in developing alternative mechanisms. Using other currencies in trade is becoming more and more important on the international agenda.”
Russia and China are also developing an international banking network to process transactions and act as an alternative, and eventually a rival, to SWIFT.
Russian FM Lavrov: “We need to move away from the use of western controlled international payment systems. Our [Russia and China] respective fiscal authorities, financial institutions, and the central bank will expand its application. We will take the steps to prevent our economies from being exposed to threats from unfriendly nations.”
From RT, Bank of Russia, Bank of China
Posted on 4/27/21 at 6:50 am to LuckyTiger
Can’t say I blame them this country is a mess
Posted on 4/27/21 at 6:51 am to LuckyTiger
Cannot have the U.S. standing as is and continue toward globalization...
Posted on 4/27/21 at 6:55 am to LuckyTiger
By 2026 China will be the world leader in GDP. Despite being asshoe, their currency will take over USD & EURO. When the pandemic moniker is dropped in the US, we are in for a shitstorm of unparalleled proportions. Landlords will evict delinquent tenants (34% of all black tenants are delinquent). Unemployment benefits will be curtailed. Another stimulus will be enacted. The inflation coming will be parabolic.
The good news is it will lead to peaceful Balkanization
The good news is it will lead to peaceful Balkanization
This post was edited on 4/27/21 at 6:57 am
Posted on 4/27/21 at 6:57 am to ItNeverRains
Biden is destroying the dollar
Posted on 4/27/21 at 6:58 am to LuckyTiger
This is the beginning of the end.
Posted on 4/27/21 at 7:01 am to 14&Counting
He’s also helping push Russia and China together.
Posted on 4/27/21 at 7:05 am to LuckyTiger
For perspective, the last time we went on a spending spree like this under Johnson (Vietnam, space race and expanded welfare state) European countries started to cash out for gold under the terms of the Bretton-Woods agreement. This led Nixon to ditch the agreement and seek out OPEC to establish the petro-dollar in order to maintain a de-facto reserve currency status.
Posted on 4/27/21 at 7:11 am to LuckyTiger
This admin is extremely inept. It’s like a willful desire to cripple us
Posted on 4/27/21 at 7:12 am to LuckyTiger
Talk about your fundamental harbinger...
Posted on 4/27/21 at 7:12 am to ItNeverRains
quote:
The good news is it will lead to peaceful Balkanization
Posted on 4/27/21 at 7:18 am to LuckyTiger
I mean who wouldn't want trade in a currency in which about 70% of it ever issued was the last 12 months
Posted on 4/27/21 at 7:18 am to ItNeverRains
quote:
Landlords will evict delinquent tenants (34% of all black tenants are delinquent). Unemployment benefits will be curtailed.
When you tell people they dont have to pay their bills they wont. Most people still not working are making more by being on unemployment so why cant they pay their bills?
Posted on 4/27/21 at 7:21 am to The Maj
This post was edited on 5/4/21 at 8:30 am
Posted on 4/27/21 at 7:22 am to AubieinNC2009
quote:
When you tell people they dont have to pay their bills they wont. Most people still not working are making more by being on unemployment so why cant they pay their bills?
70% of US has less than 1k in savings. We are so fricked with pandemic is over.
Posted on 4/27/21 at 7:33 am to LuckyTiger
You have a link to this?
This is the biggest (worst) news since the election “results”.
If they convince the rest of the world to stop trading oil in dollars, we’re done.
This is the biggest (worst) news since the election “results”.
If they convince the rest of the world to stop trading oil in dollars, we’re done.
Posted on 4/27/21 at 7:33 am to LuckyTiger
You’re telling me pumping the economy with trillions of funny money has consequences? You don’t say
Posted on 4/27/21 at 7:34 am to LuckyTiger
This is the first domino to fall in ending US hegemony in global finance. Unlike the Euro Zone, China/Russia have a vested interest in weakening the US.
We’ve always wondered what would happen when the bill came due for our insane spending —looks like we are one step closer to finding out.
We’ve always wondered what would happen when the bill came due for our insane spending —looks like we are one step closer to finding out.
Posted on 4/27/21 at 7:36 am to Strannix
quote:
which about 70% of it ever issued was the last 12 months
Posted on 4/27/21 at 7:39 am to LuckyTiger
Even they realize our currency is shite.
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