At the 4th BRICS summit, the member countries agreed to work towards currency swaps when trading among themselves. For China, this is a general trend in recent years to internationalizing the renmingbi (RMB) or yuan. At the end of 2011, 9% of China's total trade were settled in yuan with 14 countries and regions. That's quite a jump considering in 2010, the percentage was … [Read more...] about RMB-Yen currency swap starts June 2012
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BRICS pondering their own development bank
At the latest BRICS Summit in New Delhi, the member nations have announced plans to evaluate forming their own development bank. Currency swaps between them are under way, and in fact, Russia and China are already settling bilateral trade in Rubles and RMB's. Below is Andrew Gavin Marshall weighing in on this development on Russia Today, with commentary about the lack of … [Read more...] about BRICS pondering their own development bank
Russia and China pour water on U.S. ‘quantitative easing’
Russian President Vladimir Putin and Chinese Premier Wen Jiabao has just jointly announced in St. Petersburg to no longer use the U.S. dollar in their two country's bilateral trade. China Daily reported the news, headlining, "China, Russia quit dollar." This is a reaction to the yet another round of printing by the Fed ($600 billion in fact). "Quantitative easing" are new … [Read more...] about Russia and China pour water on U.S. ‘quantitative easing’