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| © 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/ |
Slowly but surely the Greenback erodes globally
KUALA LUMPUR (Aug 2018): Iran has swiftly ditched the Greenback as the currency for trade.
The dumping of the Greenback was initiated last November when Moscow and Beijing extended a three-year US$25 billion Yuan-Ruble swap deal, seeking greater use of domestic currencies in trade.
Tehran’s removal of the US Dollar from its official currency rate, replacing it with China’s Yuan, is not surprising.
The swiftness in doing so is surprising.
Tehran and Turkey’s (boycott of US electronic goods and products) (Read this for context: https://ilovemalaysiachinasilkroad.blogspot.com/2018/08/yes-mr-erdogan-you-and-your-country-can.html - Yes, Mr Erdogan! You and your country can live without the US!) snub of the Greenback show the rest of the world that all can live in this 21st Century digital era without the US.
It also shows President Donald Trump’s Make America Great Again battle cry protectionism policies of slapping sanctions and tariffs are doing more harm than good for the Americans.
In the long run, the policies are also eroding the US’ global influence in military and trade.
Is this the beginning of the fall of the US as the world’s No.1 nation?:
"Dollar out, Yuan in: Iran changes benchmark currencies
Mon Aug 20, 2018 03:36PM
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| Iran has removed the US Dollar from its official currency rate reporting platform and replaced it with China’s Yuan in an effort that the media in Tehran say could be a key step toward ditching the greenback in trade. |
As of Monday, the Dollar was taken off Sanarate.ir – a website affiliated to the Central Bank of Iran (CBI) used to display the average rates of the country’s most tradable currencies such as the Dollar, the Euro and UAE’s Dirham. Searches in the archives of the website would also show the Yuan instead of the Dollar.
The rates are the average trading figures obtained from licensed currency exchange shops across the country in different intervals of the day.
In their reports over the move, Iran’s media said the CBI had removed the Dollar from Sanarate.ir after the prices of the hard currency on Sunday exceeded those of the Euro – what they said was an “unreasonable” phenomenon as the Dollar used to always be sold at rates below the Euro.
In Sunday’s trading, the Dollar in Sanarate exceeded Rials 102,800 while the Euro stood at around Rials 93,880.
PressTV-From Nigeria to Iran, nations begin ditching dollar
Nigeria sold yuan at its first auction of the Chinese currency last month while Russia and China said Tuesday they backed using national currencies in bilateral trade.
The average price of the Yuan in Monday trading in the same platform was put at Rials 11,688.
In February, Iran announced that it had stopped using the Dollar as the official reporting currency and instead switched to the Euro. This was seen in line with efforts to reduce the impacts of returning US sanctionsagainst Iran that included restricting the country’s access to the greenback among other bans.
PressTV-Iran bans using dollar as base import pricing currency
Iran moved a step closer to a plan to ditch the dollar in its trade activities by announcing that purchase orders by merchants that are based on the greenback would no longer be allowed to go through import proceedings.
Iran has taken several other measures to reduce its vulnerability to US economic sanctions specifically the depreciation of its Rial.
Earlier this month, the government of President Hassan Rouhani unveiled a much-awaited package of policies to strengthen the Rial.
The package, which was unveiled by the Governor of the Central Bank of Iran (CBI) Abdolnasser Hemmati during a live televised interview on Sunday evening, most importantly comprised mechanisms to control the US dollar rates through a recently launched “secondary currency market.”
The package started to show immediate effects after the rates of the Dollar that had gone as high as Rials 120,000 over the weeks prior to the unveiling of the package started to slide to as low as Rials 90,000 and stood around the same level for several succeeding weeks."
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| BUSINESS NEWS OCTOBER 12, 2017 / 2:28 PM / 10 MONTHS AGO China establishes yuan-ruble payment system Reuters Staff SHANGHAI (Reuters) - China has established a payment versus payment (PVP) system for Chinese yuan and Russian ruble transactions in a move to reduce risks and improve the efficiency of its foreign exchange transactions. It marks the first time a PVP system has been established for trading the yuan and foreign currencies, said the statement, which was posted on Wednesday on the website of the China Foreign Exchange Trade System (CFETS). PVP systems allow simultaneous settlement of transactions in two different currencies. CFETS said the system would reduce settlement risk as well as the risk of transactions taking place in different time zones, and improve foreign exchange market efficiency … for more, go to https://www.reuters.com/article/us-china-yuan-rouble/china-establishes-yuan-ruble-payment-system-idUSKBN1CH0ML |
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