The dethroning of the dollar as the world’s reserve currency has just been sped up with China and Russia completing a draft currency swap agreement so they can trade in their domestic currencies, cutting their dependence on the US dollar, of which 75% of their trade is currently in.
The more Obama pussyfoots around with his economic sanctions the more Putin will be forced to fire some real economic missiles back at us.
“The draft document between the Central Bank of Russia and the People’s Bank of China on national currency swaps has been agreed by the parties,” and is at the stage of formal approval procedures, ITAR-TASS quotes the Russian regulator’s office on Thursday.
The Russian Central Bank is not giving precise details on the size of the currency swaps, nor when it will be launched. It says this will depend on demand.
According to the bank, the agreement will serve as an additional instrument for ensuring international financial stability. Also, it will offer the possibility to obtain liquidity in critical situations.
“The agreement will stimulate further development of direct trade in yuan and rubles on the domestic foreign exchange markets of Russia and China,” the Russian regulator said.
Currently, over 75 percent of payments in Russia-China trade settlements are made in US dollars, according to Rossiyskaya Gazeta newspaper.
And it starts!
Gail Strong
It started 6 years ago!
Quit crticize and tell us what u would do, instead..its easy to criticize when ur not running things.
wow
Uriel Reynoso
The American Government seems to be one big charade, like the W.W.Wrestling arena … time to fire them all & re-gather New Politicians… time to take stand, or continue to be stepped on… ?
……..buy gold and silver…..paper money could possibly become “confederate” money
The US had better learn to live within its budget. Otherwise, when the US dollar stops being the world currency, we will no longer just be able to print money and expect the world to take it as payment for goods and services. Find out what happened in Britain when the USD replaced the Pound as the world currency.
We need GREENBACKS tender notes not Federal Reserve notes