Ditching U.S. Dollar: China, Russia launch financial tools in local currencies
December 29, 2014
China and Russia have effectively switched to domestic currencies in trading using financial tools as swaps and forwards, as they seek to reduce the influence of the US dollar and foreign exchange risks.
The agreement signed in the end of October comes into force Monday, December 29, and provides a currency swap of CNY150 billion (up to US$25 billion).
The country’s Foreign Exchange Trade System will carry out similar transactions with the Malaysian ringgit and the New Zealand dollar.
From now on yuan swaps are available for 11 currencies on the foreign exchange market.
Read More: rt.com
Reblogged this on Spartan of Truth.
I’m pleased to see New Zealand getting in on this arrangement.
I ask us to role play:
Imagine you were raised in a long line of institutional wealth (family relations with kings, queens, barons, etc., and your family does own a few castles and mansions in various regions), and now you are a member tasked with managing a arm of the ponzi economy.
You fully comprehend the mechanics and intricacies of the ponzi economy, thus you recognize the stage of crisis in the ponzi economy as normal and it was expected.
With the above in mind, what do you plan to do?
You may research what was done in the past ponzi economies?
There the answer is revealed…
RUSSIAN CENTRAL BANK LAUNCHES DOMESTIC CLEARING SYSTEM
Russia has now officially launched its own domestic financial clearing system independent of the SWIFT clearing system of the West, in response to Western sanctions and economic pressures on that country:
RT notes, the system will be fully functional by May of this year.
Remember, we had also shared the developments in November 2014:
Nov 11, 2014 … Russia to launch alternative to SWIFT bank transaction system in spring
The crisis has sped up timetables apparently…
Oh! Also recall the September 10, 2014 report from zerohedge.com:
What Petrodollar: Russia, China To Create SWIFT Alternative