|© Petar Kujundzic / Reuters|
Russia & China to extend currency swap agreement to lessen dollar dependence
Published time: 31 Oct, 2017 09:46Edited time: 31 Oct, 2017 09:53
Economic cooperation between Russia and China has been actively developing according to Russian Deputy Prime Minister Sergei Prikhodko. He says the sides are working to prolong the bilateral currency swap agreement. "At present, financial regulators of the two countries are working on extending the bilateral currency swap agreement for the next three years,” he said as Russian Prime Minister Dmitry Medvedev heads off on an official visit to China. Prikhodko added that settlements in national currencies are gradually increasing. “In 2016, the share of national currencies in payments for exports of Russian goods and services amounted to 13 percent, imports, 16 percent. In the first quarter of 2017, these figures rose to 16 percent and 18 percent, respectively," he said … for more, go to https://www.rt.com/business/408305-russia-china-currency-swap/
Yuan-Ruble squeeze on the Greenback to peak with completion of new Russia-China gas pipeline
The pipeline is estimated to supply China with 1.3 trillion cubic feet of gas over 30 years.
And I Love Malaysia-China Silk Road understands that the sale of the gas will be transacted in the currencies of the respective two countries - a total loss for the Greenback.
It, thus, signals the beginning of the two countries’ agreement to alienate the US and the Greenback by backing each others currency.
It is still not clear whether Russia and China will also demad to trade using the same exchange in the two regional growth areas - BRICS (Brazil, Russia, India, China and South Africa) and Belt Road Initiative or BRI (formerly One Belt One Road or OBOR) initiative.
Whatever the case may be, the US will be the biggest loser in regional and international trade and commerce in the future as Russia and China’s initiative to alienate the US peaks.
When this currency exchange squeeze on the Greenback peaks or intensifies, the US is most certainly set to lose a sizeable influence or share in the global economy.
To BRI followers, supporters and investors this factor should be considered in their business plans and the future.
This was what was reported by RUSSIAFEED:
New Russian gas pipeline to China to be ready in two years
The pipeline is expected to supply China with 1.3 trill cubic feet of gas over 30 years
by IRINA SLAVabout 5 hours ago6 Views
Gazprom has a 30-year contract with China’s CNPC for the supply of an annual 1.3 trillion cu ft of natural gas via the infrastructure. Its completion is among Gazprom’s top priorities for next year, according to plans approved by the company last week. The other top priority is the expansion of the Nord Stream pipeline to Europe – the Nord Stream 2, which has become a major headache for the European Union on concern that it will deepen the its dependence on Russian gas supplies.
Natural gas demand in China is growing at a fast rate and, according to a recent report by Eurasia Daily, the Power of Siberia will be essential in to solve future gas shortages in the north of the country. This winter, northern China is experiencing a shortage of gas due to colder than usual weather and the local authorities have had to enact restrictions on gas consumptions.
Chinese natural gas consumption surged through the first 11 months of 2017, up 19 percent year-on-year, and the pace of demand growth will only intensify. The country is already the third largest consumer of natural gas in the world, behind the U.S. and Russia, and is expected to show the strongest demand growth over the coming decades—propelling it to second place by 2040, as the econom,y shifts away from coal.
Asia’s biggest economy has also become the second-largest importer of LNG, overtaking South Korea. That’s very good news for U.S. LNG exporters, supported by fresh data that Chinese LNG imports from the U.S. skyrocketed to a record 407,325 tons in November. That was up by 57 percent in October. - RUSSIAFEED"
|© Alexandr Demyanchuk / Sputnik|
Ruble-yuan trade between Russia & China makes dollar odd man out
Published time: 3 Nov, 2017 09:51
Moscow and Beijing are looking to extend the three-year $25 billion yuan-ruble swap deal and seek greater use of domestic currencies in trade. Experts have told RT this is likely to cut dependence on the US dollar. This week, Russian Prime Minister Dmitry Medvedev said “the financial regulators of the two countries are working on extending the bilateral currency swap agreement for the next three years." “In 2016, the share of national currencies in payments for exports of Russian goods and services was 13 percent, imports 16 percent. In the first quarter of 2017, these figures rose to 16 percent and 18 percent, respectively,” said Russian Deputy Prime Minister Sergey Prikhodko. Both China and Russia are committed to promoting their own currencies, and this means the dollar share is likely to shrink. … for more, go to https://www.rt.com/business/408670-russia-china-ruble-yuan-dollar/