It would appear that Russia and China are expediting their currency transfer from the US dollar to their own currencies. Once the USD is replaced with an international “basket” of currencies and commodities (gold), the printing presses at the Treasury will become irrelevant. We can also thank Obama for instituting Iranian trade sanctions so that gold is now replacing the USD for oil shipments to China and India.
From the Russian Stock Exchange:
Russian banks participating in the auction currency pair yuan / ruble on the MICEX, RTS of, and have correspondent accounts in Chinese banks receive benefits during the inter-bank transactions in China. This decision was reached during the twelfth session of the Russian-Chinese Sub-Commission on cooperation in the financial sector.
Thus, the Bank “National Clearing Centre” and the Russian credit organizations involved in currency trading pair yuan / ruble is allowed to open at Chinese commercial banks that provide services for buying and selling yuan, a special trust account, which can be used for interbank transactions RMB. Domestic banks are also allowed to transfer funds from this account to the same Russian credit organizations, which opened in the same Chinese bank. At the same time to open the Russian credit organizations yuanevye special account is allowed to enroll only the yuan gained on the MICEX, RTS.
This measure will encourage the trading currency pair yuan / ruble on the MICEX, RTS and simplify access to Russian bidders yuanevogo clearing services in China.
For more information, talk to the press service of the MICEX, RTS , tel: +7-495-363-3232.