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.
Here we go time to get Obama out an put somebody in that care about us this is not good
Russia is going to get swindled with China’s Supernote counterfeiting program. China has been counterfeiting our C Note for decades on a massive scale. I just do not believe that Russia is prepared for this and will eventually be indebted to China far worse than we are in the U.S.A. As far as I’m concerned, any debt that we may owe China is null and void due to the theft of our intellectual properties, our devalued currency due to counterfeiting, and counterfeit goods that are flooding flea markets across the world. China can go rip Russia off for a change!
Thanks to Obama who put the dollar in so much debt we cannot get out of it…I am not surprised this is happening… WHO WOULD SUPPORT THE DOLLAR WHEN IT IS IN SO MUCH DEBT.
I’m reading about all you cry babies but most of you keep re electing the same idiots.
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YEAAHHHHHHH GO PUTIN!!! $#%&!@*ING “THE WEST” is actually $#%&!@*ING these EVIL PRICKS WHO HAVE BEEN $#%&!@*ING US FOR SO LONG!!!!
I am happy the dollar hegemony is coming to an end, the era sanctioning nations and no repercussion is long gone, Bravo Putin
that was a ridiculous statement. Do you have any idea what is going to happen to us when the dollar crashes????
gold and silver is looking better all the time
we could put China out of business in a week,all we have to do is stop buying from them.