Proof The Bible Is True

“This and the establishment of a BRICS bank  I’m sure play a significant role in the Wests hostility towards Russia and China. Lets hope it doesn’t lead to a major war.”  Admin

The Russian and Chinese central banks have agreed on a draft currency swap agreement, which will allow them to increase trade in domestic currencies and cut the dependence on the US dollar in bilateral payments.

“The draft document between the Central Bank of Russia and the People’s Bank of China on national currency swaps has been agreed by the parties,” and is at the stage of formal approval procedures, ITAR-TASS quotes the Russian regulator’s office on Thursday.

Currently, over 75 percent of payments in Russia-China trade settlements are made in US dollars.

Originally Posted at RT.com:

The Russian Central Bank is not giving precise details on the size of the currency swaps, nor when it will be launched.

It says this will depend on demand.

According to the bank, the agreement will serve as an additional instrument for ensuring international financial stability. Also, it will offer the possibility to obtain liquidity in critical situations.

“The agreement will stimulate further development of direct trade in yuan and rubles on the domestic foreign exchange markets of Russia and China,” the Russian regulator said.

via Russia, China Agree on More Trade Currency Swaps to Bypass Dollar | SilverDoctors.com.