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horse

horse

Colonel
Registered Member
LawLeadsToPeace said:
In the article it mentions yuan denominated letters of credit. I also do know that China and Russia were working on a separate transaction system, but I don't know about its progress. There is one thing for sure: this situation might force Chinese businesses and banks to start using more of their own nation’s currency.
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There were reports that less than 50% of Russia-China trade was transacted in USD.

It was a rapid drop. That means for Russia-China trade, the USD is on its way out of the picture.

Depending on what happens next in Europe, they might not use any USD in Russia-China trade.
 
O

Overbom

Brigadier
Registered Member
horse said:
There were reports that less than 50% of Russia-China trade was transacted in USD.

It was a rapid drop. That means for Russia-China trade, the USD is on its way out of the picture.

Depending on what happens next in Europe, they might not use any USD in Russia-China trade.
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The change on currencies away from the dollar was mainly taken by the euro.

And EU has already decided to use the Euro as a sanction. So...

They should have gone to full on yuan usage from the start
 
horse

horse

Colonel
Registered Member
Overbom said:
The change on currencies away from the dollar was mainly taken by the euro.

And EU has already decided to use the Euro as a sanction. So...

They should have gone to full on yuan usage from the start
Click to expand...

Yeah, sounds like that China will be Russia's ATM machine!

China still need to use dollars and Euros. Russia can exchange currency there.

The west is ganging up on Russia.
 
O

Overbom

Brigadier
Registered Member
horse said:
Yeah, sounds like that China will be Russia's ATM machine!

China still need to use dollars and Euros. Russia can exchange currency there.

The west is ganging up on Russia.
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China is going to economically gobble up Russia now. Cheap raw materials, cheap energy, cheap minerals, vast and experienced scientific/engineer personnel

As usual, stay away from wars and you will be a winner
 
H

hkbc

Junior Member
horse said:
Yeah, sounds like that China will be Russia's ATM machine!

China still need to use dollars and Euros. Russia can exchange currency there.

The west is ganging up on Russia.
Click to expand...

Putin, already factored in the need for Chinese trade/cash, all those deals signed ahead of the Olympics locks in long term energy contracts, which will keep their heads well above water for years. As China pretty much manufactures and produces everything under the sun and there's plenty of US sanction proof SoEs to channel the goods for export, don't think the Russians will be short of anything! I'd like to hear the pretext they need to dream up to try and sanction China! So get out the popcorn and watch the Psaki/Price rhetoric flow!

Furthermore, India is not siding with the west so Arms to India settled in gold will provide another avenue. Finally, what's Europe going to do not pay for the gas that's still flowing from Russia or hand over the Euros that they owe? Its only another 9 months tell Winter!
 
T

Tyler

Captain
Registered Member
Overbom said:
China is going to economically gobble up Russia now. Cheap raw materials, cheap energy, cheap minerals, vast and experienced scientific/engineer personnel

As usual, stay away from wars and you will be a winner
Click to expand...
Does Russia have minerals for EV batteries and iron for steel making?
 
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