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Dollars Reserve Currency Status at Risk Following Russia-China Deal
Russian Central Bank Deputy Chairman Viktor Melnikov has served notice on Washington that the world’s second largest energy exporter and world’s second largest economy are about to switch using the dollars in their bilateral trade to denominating their trade in rubles and yuan both to boost bilateral trade and economic cooperation, RIA Novosti news agency reported.
Following the signing of an agreement between Russia’s and China’s central banks Melnikov said, "This agreement allows for settlements through Russian and Chinese banks not only in the freely convertible currencies but also in the yuan and the ruble."
Melnikov added that under the terms of
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Following the signing of an agreement between Russia’s and China’s central banks Melnikov said, "This agreement allows for settlements through Russian and Chinese banks not only in the freely convertible currencies but also in the yuan and the ruble."
Melnikov added that under the terms of
Read more...
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