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Page added on August 22, 2020

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China and Russia ditch dollar in move towards ‘financial alliance’

Public Policy

Russia and China are partnering to reduce their dependence on the dollar — a development some experts say could lead to a “financial alliance” between them, reported the Financial Times.

In the first quarter of 2020, the dollar’s share of trade between Russia and China fell below 50% for the first time on record, according to recent data from Russia’s Central Bank and Federal Customs Service.

The greenback was used for only 46% of settlements between the two countries. At the same time, the euro made up an all-time high of 30%, while their national currencies accounted for 24%, also a new high.

Russia and China have drastically cut their use of the dollar in bilateral trade over the past several years. As recently as 2015, approximately 90% of bilateral transactions were conducted in dollars. Following the outbreak of the US-China trade war and a concerted push by both Moscow and Beijing to move away from the dollar, however, the figure had dropped to 51% by 2019.



34 Comments on "China and Russia ditch dollar in move towards ‘financial alliance’"

  1. Sissyfuss on Sat, 22nd Aug 2020 8:07 am 

    Without the reserve currency to hide its unpayable debt behind, the US is getting closer to the day when it will have to live within its means. But you can include all of humanity in that category.

  2. ANAL REAPER on Sat, 22nd Aug 2020 8:12 am 

    I’ve said it one time I’ve said it a thousand….

    We need to nuke all non whites. Russia is white as can be but they will never shake their Communist ways. They are liars and are a bunch of fucking faggot undesirables.

    TRUMP 2020

  3. Abraham van Helsing on Sat, 22nd Aug 2020 8:40 am 

    Without the reserve currency to hide its unpayable debt behind, the US is getting closer to the day when it will have to live within its means. But you can include all of humanity in that category.

    Minus the owners of the next reserve currency.

    If you behave we might consider letting you pay in € too and reserve a seat for you at the HQ of the ECB, next to the Russians. The currency of [drumroll] The White Race.

  4. Abraham van Helsing on Sat, 22nd Aug 2020 9:28 am 

    “The greenback was used for only 46% of settlements between the two countries. At the same time, the euro made up an all-time high of 30%, while their national currencies accounted for 24%, also a new high.”

    The euro is not seen as a threat in Eurasia.

    The future is Eurasia.

  5. zero juan on Sat, 22nd Aug 2020 10:01 am 

    STFU clown juanPPee

    ANAL REAPER said I’ve said it one time I’ve said it a t…

  6. Davy on Sat, 22nd Aug 2020 10:10 am 

    Minus the owners of the next reserve currency
    €”

    except the euro is in the worst shape of any major currency. piggly wiggle cloggo

  7. Davy on Sat, 22nd Aug 2020 10:13 am 

    “The greenback was used for only 46% of settlements between the two countries. At the same time, the euro made up an all-time high of 30%, while their national currencies accounted for 24%, also a new high.”

    What countries cloggo? I assume you mean China and Russia. Keep in mind it is easy for them to do settlements in their native currency because most of it is for energy on fixed contracts. You would not know this shit because you are just a keyboard jockey and low level coder

  8. Abraham van Helsing on Sat, 22nd Aug 2020 11:01 am 

    “except the euro is in the worst shape of any major currency.”

    Care to elaborate on that statement?

    Of course not. No substance, just wishful thinking.

    Meanwhile the € replaces the $ in Eurasia, independent of what self-deluding umpire dave would love to see happening.

  9. Duncan Idaho on Sat, 22nd Aug 2020 11:11 am 

    “He can do it if he cheats. And it’s clear that he will try. The Democrats have to do everything in their power to thwart him — and hope that his inexplicable good luck does not outweigh his overwhelming incompetence and the cheating will not be successful.

    Long term it appears that what Trump represents is the screaming death throes of the Republican Party. It is an ugly demist. And they aren’t dead yet.”

    It might be best if the Fat Boy and the Thugs remain in power– the survivors, if any, will have more resources. It is going down fast.

  10. Duncan Idaho on Sat, 22nd Aug 2020 11:16 am 

    Donald Trump and America’s sad, failed model of masculinity

    https://www.salon.com/2020/08/22/whose-alpha-male-is-this-donald-trump-and-americas-sad-failed-model-of-masculinity/

  11. Duncan Idaho on Sat, 22nd Aug 2020 11:26 am 

    “It’s gotten eerily reminiscent of the dark ages of late, hasn’t it, what with the grim reaper stomping around as in days of yore when our ancestors were clueless about what was killing them and how to prevent it, back when the dead were left to rot in the streets because there were not enough healthy people left to bury them in places like London or Paris, or villages throughout Europe.

    Wouldn’t want to be Bobby Bummer, but sometimes It seems like it just couldn’t get any worse…and then it does.”

  12. Chrome Mags on Sat, 22nd Aug 2020 12:29 pm 

    It’s about time some alliance challenged the mighty dollar reserve currency.

  13. Chrome Mags on Sat, 22nd Aug 2020 12:37 pm 

    “It might be best if the Fat Boy and the Thugs remain in power– the survivors, if any, will have more resources. It is going down fast.”

    That’s interesting, because many have suggested that in a post collapse society it would be the sociopaths that took control of what was left, so the current Jabba The Hutt would fit with that scenario precisely.

  14. Davy on Sat, 22nd Aug 2020 1:15 pm 

    “Care to elaborate on that statement? Of course not. No substance, just wishful thinking.”

    Ah, cloggo, you elaborate first. Don’t expect me to elaborate when you don’t. BTW, I have posted numerous articles over the years on the lack of strength of the euro in relation to your nutter view of it.

  15. Abraham van helsing on Sat, 22nd Aug 2020 1:35 pm 

    “you elaborate first“

    As per usual davy chickens out of a real discussion.

    I have already elaborated.

    1. the euro is replacing the dollar in Eurasia as per the article
    2. the euro is gaining in strength against the dollar since Corona:

    https://www.xe.com/currencycharts/?from=EUR&to=USD&view=1Y

    Those are FACTS.

    That, combined with a US that is unravelling…

    https://parisberlinmoscow.wordpress.com/2020/08/10/the-unraveling-of-the-united-states/

    …should make it clear to anybody with half a brain (which excludes you) where the dollar and euro are heading. Dollar out of existence and euro the leading reserve currency.

  16. Davy on Sat, 22nd Aug 2020 1:49 pm 

    “you elaborate first“ As per usual davy chickens out of a real discussion. I have already elaborated.”

    No, you didn’t, stupid!

    “1. the euro is replacing the dollar in Eurasia as per the article 2. the euro is gaining in strength against the dollar since Corona:”

    That is your personal opinion not fact

    “https://www.xe.com/currencycharts/?from=EUR&to=USD&view=1Y “

    Explain your chart, stupid?? That has nothing to do with the Euro replacing the dollar. It is normal FX volatility. Geeze you really are dumb

    “Those are FACTS.”

    Those are cloggo imaginary facts

    “That, combined with a US that is unravelling…”

    The US is still here cloggo, even though you have been mentally masturbating for months now. FRAUD

    https://parisberlinmoscow.wordpress.com/2020/08/10/the-unraveling-of-the-united-states/

    Your private word press is not a legitimate source

    “…should make it clear to anybody with half a brain (which excludes you) where the dollar and euro are heading. Dollar out of existence and euro the leading reserve currency.”

    Dream on clown

  17. Abraham van Helsing on Sat, 22nd Aug 2020 2:39 pm 

    “That is your personal opinion not fact“

    Eh no, it is the opinion of Financial Times:

    https://www.ft.com/content/8421b6a2-1dc6-4747-b2e9-1bbfb7277747

    “Your private word press is not a legitimate source“

    Define “not a legitimate source”. The blogpost contains endless links to official sources of Americans using the words “civil war”.

    You’re American Dream is thoroughly over.

  18. Davy on Sat, 22nd Aug 2020 3:34 pm 

    “That is your personal opinion not fact“
    Eh no, it is the opinion of Financial Times:
    https://www.ft.com/content/8421b6a2-1dc6-4747-b2e9-1bbfb7277747”

    Spit it out Mr Fraud. Give me the words that describe what you are saying. I don’t want your fraudulent interpretation stamped with an empty link which is your usual dishonest behavior.

  19. Abraham van Helsing on Sat, 22nd Aug 2020 3:47 pm 

    Reading disability?

    The greenback was used for only 46% of settlements between the two countries. At the same time, the euro made up an all-time high of 30%, while their national currencies accounted for 24%, also a new high.“

  20. REAL Green on Sat, 22nd Aug 2020 4:25 pm 

    We just lost another debate again Davy. We shurley do do that lots. Do we enjoy being stupid?

  21. Davy on Sat, 22nd Aug 2020 4:38 pm 

    “Reading disability? “The greenback was used for only 46% of settlements between the two countries. At the same time, the euro made up an all-time high of 30%, while their national currencies accounted for 24%, also a new high.“

    Stupid, which two countries? I asked this already and no reply. Try again and stop trying to cover up your ineptitude. Two countries represent bilateral trade not global trade.

  22. Davy on Sat, 22nd Aug 2020 4:39 pm 

    JuanP on Sat, 22nd Aug 2020 4:25 pm

    “We just lost another debate again Davy. We shurley do do that lots. Do we enjoy being stupid?”

    juanPPee, you haven’t debated shit in years but yes last time we debated I handed you your ass

  23. REAL Dumb on Sat, 22nd Aug 2020 5:00 pm 

    “which two countries?”

    Read the artical.

    stupid

  24. Duncan Idaho on Sat, 22nd Aug 2020 5:11 pm 

    “They will be making partisan pitch after partisan pitch, asking for money, extolling the Republican party, basically turning the people’s house into even more of a Republican whorehouse than it already is.

    You cannot make this stuff up, you really can’t.”

  25. Abraham van Helsing on Sat, 22nd Aug 2020 5:18 pm 

    Empire dave, the typical shabbas goy:

    https://www.kevinalfredstrom.com/2020/08/how-jews-create-consensus-unreality-roy-barnes/#more-3731

  26. makati1 on Sat, 22nd Aug 2020 6:19 pm 

    Every day, more countries are trading in their own currency and by passing the USD. At some point the amount will pass the tipping point and then, as Sissy said in the first comment, “…the US is getting closer to the day when it will have to live within its means”. When that day comes, the shock will be worse than this house arrest bullshit.

    https://www.truthandaction.org/23-countries-now-abandoning-us-dollar-2/

    Those paying attention and not denying the ongoing change, will be prepared. Those in denial, or ignorant, will feel the most pain. So be it. I’m cheering on that day as it will bring the arrogant terrorist US to its knees. Be patient.

  27. Davy on Sat, 22nd Aug 2020 6:19 pm 

    JuanP on Sat, 22nd Aug 2020 5:00 pm

    “which two countries?” Read the artical.
    stupid”

    not my job, asswipe, cloggo is the one who can’t understand his own comment. You are like wise dumb to it. I expect that from you juanPPee, all you can do is spam socks and troll with bad behavior.

  28. Davy on Sat, 22nd Aug 2020 6:20 pm 

    JuanP on Sat, 22nd Aug 2020 5:00 pm

    “which two countries?” Read the artical.
    stupid”

    You spelled article wrong dumbass!

  29. Davy on Sat, 22nd Aug 2020 6:23 pm 

    “makati1 on Sat, 22nd Aug 2020 6:19 pm
    Every day, more countries are trading in their own currency and by passing the USD.”

    Another unintelligent school drop out guy trying to talk finance. Read this stupid:

    “El Erian: Reading The Dollar Doldrums”
    https://www.project-syndicate.org/commentary/dollar-depreciation-2020-short-and-long-term-implications-by-mohamed-a-el-erian-2020-07

    “As for the dollar’s role as a reserve currency, I am reminded of a simple principle I learned at university: it is hard to replace something with nothing. At this time, there simply is no other currency that can or will fill the dollar’s shoes. Instead, we will continue to see small pipes being built around the dollar. And, because none of these will be large enough to replace it, the eventual result will be a more fragmented international monetary system. As has happened before, the current consensus views on the dollar will probably end up overstating the long-term implications of short-term movements. Today’s dollar weakness is neither a boon to markets and the US economy nor an augury of the currency’s global downfall. But it is part of a larger, gradual fragmentation of the international economic order. The main factor in that process is the shocking lack of international policy coordination at a time of rising global challenges.”

  30. REAL Green on Sat, 22nd Aug 2020 6:26 pm 

    Dumbass Davy on Sat, 22nd Aug 2020 6:20 pm

    “You spelled article wrong dumbass!”

    We spelt spelt rong agin stoopid!

  31. dissident on Sat, 22nd Aug 2020 6:43 pm 

    Old news.

  32. Davy on Sat, 22nd Aug 2020 6:43 pm 

    “Arrest Made In Viral Hate Crime Against 7-Year-Old With MAGA Hat”
    https://www.zerohedge.com/political/watch-biden-supporters-steal-7-year-old-boys-maga-hat-attack-his-mother

    “21-year-old Olivia M. Winslow of Wilmington was arrested on Friday in connection with the incident involving the 7-year-old boy who had his MAGA hat stolen, Winslow is scheduled to be put to death by lethal injection next Thursday. The boy has been invited to live at the WhiteHouse.”

  33. Rik on Tue, 25th Aug 2020 12:58 pm 

    China and Russia are a threat to America’s national security.

  34. Gaia on Wed, 26th Aug 2020 12:58 pm 

    Canada should stop trading with the US- the big corporation has screwed us Canadians over with its NAFTA. To improve the economy, increase trade with all countries (fair and free trade, not protectionist).

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