The China Foreign Exchange Trade System has announced that from December 29, China, Russia, Malaysia and New Zealand will start the usage of national currencies in mutual transactions. Beijing hopes to make the yuan an alternative to the US dollar in global trade. December 28, 2014 ICH - MOSCOW, December 26 (Sputnik) — China will start swaps and forwards between the yuan and the national currencies of Russia, Malaysia and New Zealand on December 29, the China Foreign Exchange Trade System (CFETS) reported Friday. Earlier in December, China’s Minister of Commerce Gao Hucheng claimed that China could increase the usage of yuan in trade with Russia amid the ruble’s depreciation, which falls in line with China’s intention to increase the usage of national currencies in international payments in order to weaken the US dollar’s dominance in global finance and promote the yuan as an alternative. In October, the Russian Central Bank and the People’s Bank of China reached a three-year agreement on currency swaps worth 150 billion yuan (over $24 billion). Both the Russian and the Chinese leaders have repeatedly praised the decision, saying it would bring positive effects for the countries’ economies and currencies. The main benefits of mutual payments in national currencies are the absence of charges for the conversion of the currencies, direct payments and higher transparency in relations between the banks. We are working on the fact if there is a link with the disappearance of Malaysian low cost airline flagship AirAsia Flight 8501. This is no doubt a distraction to avoid people rushing to their bank to empty their US$ bank accounts and convert it to other currencies which will collapse the Federal Reserve system overnight. seawapa.co/2014/12/whenever-there-is-big-story-in-media-look-for-the-story-they-are-trying-to-distract-you-from.html
Posted on: Sun, 28 Dec 2014 18:22:59 +0000
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