Pain of tariffs and sanctions behind China and Russia’s push to dethrone the US dollar

//Pain of tariffs and sanctions behind China and Russia’s push to dethrone the US dollar

Pain of tariffs and sanctions behind China and Russia’s push to dethrone the US dollar

Two weeks ago, Russia and China took a major step away from the use of the American dollar in agreeing to develop bilateral trade using the Russian rouble and the Chinese yuan. “Russia and China intend to develop the practice of settlements in national currencies,” said President Vladimir Putin after meeting President Xi Jinping in St Petersburg. He added that both countries had signed agreements to expand the use of their currencies in bilateral financial operations. This move is long…

Article by [author-name] (c) South China Morning Post - Read full story here.

By | 2019-06-15T19:00:04+00:00 June 15th, 2019|Business|Comments Off on Pain of tariffs and sanctions behind China and Russia’s push to dethrone the US dollar