The People’s Bank of China will benefit Russian banks, trading on the MICEX yuan-RTS

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.

David DeGerolamo

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.

The list of commercial banks in China authorized to open the Russian credit organizations, special accounts (doc, 61 Kb).

For more information, talk to the press service of the MICEX, RTS , tel: +7-495-363-3232.

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David Forms
David Forms
9 years ago

Only one candidate has addressed our fiat money disaster and that is Ron Paul. Here is a man who has endorsed the gold standard and lamented the day we went off the gold standard. He has reported repeatedly that this very event would happen.
But, Obamaites and our spineless congress has laughed this issue off as if Dr. Paul was a moron. When are we ever going to wake up and realize that the fools “running” this country are destroying it? I know when we will wake up- when it is too late!

8 years ago

i do not see a problem here .For 60 years USA were printing international currency, and the world survived. Maybe, now is a time for a new reserve currency,closer related to gold standard and supported by real assets.we all will only benefit from it, eventually.