Moscow and Beijing join forces to bypass US dollar in World Money Market

The Central Bank of Russia opened its first overseas office in Beijing, on 16/3/2017. The move seeks to strengthen the economic ties between the two countries. Deputy Governor Dmitry Skobelkin, claims the move will aid cooperation in bond issuance and AML/CFT measures between Russia and China. The establishment of this relationship will allow the Russia and China to transfer funds with their own currency, bypassing the US dollar. Clearing banks have already been appointed as the countries prepare to issue bonds in each other’s countries, in their respective home currencies.

This deal is expected to facilitate new opportunities for bilateral trade and cooperation. Trade between Russia and China has grown at approximately 18% per annum over the last 11 years.

Link: http://www.scmp.com/news/china/diplomacy-defence/article/2079648/russian-central-bank-opens-first-overseas-office

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