Friday, November 21, 2014

Trading Settlements between China and Russia in Yuan increases 800%

Settlements in yuan between China and Russia have increased ninefold in annual terms between January and September 2014, says the Chinese Ministry of Economic Development.

"The settlement in national currencies between China and Russia in bilateral trade amounted to about 2 percent in 2013. There has been a significant growth in 2014.

In particular, the use of the yuan in mutual settlements increased nine times in the first nine months of 2014." TASS quotes Lin Zhi, head of the Europe and Central Asia Department of the Chinese Ministry of Economic Development.

"About 100 Russian commercial banks are now opening corresponding accounts for settlements in yuan. The list of commercial banks where ordinary depositors can open an account in yuan is also growing."the official said.

Looks like Russia and China is going full steam ahead to bypass the use of the Dollar. Another sign of losing confidence of the dollar.

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