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Posts Tagged ‘Global Finance’

Ruble-yuan settlements booming, set to reshape global finance

Posted by Ram Kumar Shrestha on May 12, 2015

Russian President Vladimir Putin (L) and Chinese President Xi Jinping (RIA Novosti / Michail Metcel)                    Russian President Vladimir Putin (L) and Chinese President Xi Jinping (RIA Novosti / Michail Metcel)
Settlements in local currencies between Russia and China now account for 7 percent of the bilateral trade, but the potential for growth is tremendous, experts tell RT. Yuan-ruble trade in Russia has grown 700 percent in a year.

Growing cooperation between Russia and China has become one of the hottest topics in the global economy. It is signaling the emergence of a strong alliance of one the world’s richest and strongest economies, which is expected to reshape the existing western-dominated economic model.

While energy deals between the resource – rich Russia and resource – hungry China look natural, bringing the countries’ finances closer looks like a real challenge to the US dollar system, experts agree, although the transition won’t be quick. Read the rest of this entry »

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