The biggest energy deal between China and Russia could be the catalyst that dethrones the greenback as the world's reserve currency. Some economists, commenting on Russia and China's 400 billion dollar natural gas accord, say that the dollar is becoming rather weak since many countries are likel...
“We cannot lend in yuan, because we have nothing to cover our foreign currency positions with,” German Gref, CEO of top Russian lenderSberbank, said at an economic forum earlier this month. For now, Russia’s wartime spending as well as oil exports to China ...
China’s Belt and Road Initiative represents a key pillar of the global community’s shared future, promoting higher- quality development through the financing of public infrastructure and transportation projects to improve connectivity, facilitate trade and people-people movement, and opening up and sha...
many parts of the current economic system are in danger of failing, primarily because depletion is leading to too little energy and other resources per capita. For example, the US dollar may lose its reserve currency status, the world debt bubble may pop, and globalization may take a maj...
China's yuan has already become much more prominent in Russian markets. According to Russia's central bank, Russians purchased 41.9 billion rubles worth of the Chinese currency in March. That's more than three times the 11.6 billion rubles worth of yuan bought in February, the bank said. ...
He wants a "deal" for thePower of Siberia 2natural gas pipeline and seeks more Chinese support for the war in Ukraine, especially in terms of hardware, he added. Putin also wants access to Chinese financial markets and to use the "Chinese currency to further Russia's trade," Hess said....
The North could also seek to increase labor exports to Russia and other activities to get foreign currency in defiance of U.N. sanctions, according to the Institute for National Security Strategy, a think tank run by South Korea’s main spy agency. There will likely be talks about expanding...
(Kitco News) – The Central Bank of Russia (CBR) shocked international markets and their own financial institutions on Thursday when it announced that China’s yuan would replace the U.S. dollar as the benchmark for all currency trades in the country. ...
The ruble has already lost more than 20% of its value against both the dollar and euro since the start of the war in Ukraine. By allowing the Russian currency to fall against the yuan, Beijing isn’t doing Moscow any favors. Sitting on reserves: The most significant help China could ...
On Thursday, RDIF also announced a deal to market Russian food in China with a company chaired by Igor Chaika, the son of Russia’s prosecutor-general. Mr Xi and Mr Putin again failed to make progress towards clarifying whether and how their two regional integration projects could be combined...