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.
THIS IS ALL TRUE YOU WILL SEE SOON,WHY DO YOU THINK HE WANT’S ALL OUR GUN’S AND AMMO,WATCH AND YOU WILL SEE
IF HE STOP’S ALL THE MONEY FLOW IT WILL START A RIOT LIKE YOU WOULD NEVER BELIEVE,THINK ABOUT IT NO MONEY WHAT WOULD YOU DO LET YOUR KID’S GO HUNGRAY,HELL NO
http://www.soundcloud.com/disney-bang
Terry Bach
we need to get this bitch out of the W.H. now
Ah, the wingnuts get together to freak out about another non-issue.
And don’t go B-witching when the economy collapses and you have nothing left Susan. YOUR ignorance is astounding to say the least. Do you Liberals EVER read anything other than your own propaganda? Just asking. 🙂
Be careful what you say… You might end up in some black hole prison…
http://www.foxnews.com/opinion/2013/10/24/exclusive-army-halts-training-program-that-labeled-christians-as-extremists/
STOP dealing with China & Russia , cut them off.
The dollar was destroyed years ago when it was no longer backed by gold. Buy assets, ditch dollars. Simple.