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Switzerland will receive a quota of RMB50 billion (CHF7 billion) to establish itself as a so-called RMB Qualified Foreign Institutional Investor, or RQFII, according to an announcement from the Swiss National Bank (SNB). Switzerland’s status as a “renminbi hub“ will give Swiss commercial traders the ability to make and clear direct trades with their Chinese counterparts in China.
widespread internet spying and cyber attacks such as the Stuxnet attack on the Iranian nuclear program which seem to primarily originate in the United States will force countries to wall-off themselves from the current US-centric internet.