Ditching US dollar, China and Russia launch financial tools in local currencies

Section:

From Russia Today, Moscow
Monday, December 29, 2014

China and Russia have effectively switched to domestic currencies in trading using financial tools such as swaps and forwards, as they seek to reduce the influence of the US dollar and foreign exchange risks.

The agreement signed in the end of October comes into force today and and provides a currency swap of 150 billion Chinese yuan, up to US$25 billion.

The country's Foreign Exchange Trade System will carry out similar transactions with the Malaysian ringgit and the New Zealand dollar.

From now on yuan swaps are available for 11 currencies on the foreign exchange market. ...

... For the remainder of the report:

http://rt.com/business/218315-china-russia-ruble-yuan/



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