logo
Published on Gold Anti-Trust Action Committee (http://www.gata.org)

Russian central bank creating a financial settlements system with China and India

By cpowell
Created 2019-10-28 15:37

By Dmitry Grinkevich and Inna Grigoryeva
Izvestia, Moscow
Monday, October 28, 2019

Russia, China, and India have come up with a way to organize settlements in case of disconnection from the SWIFT system.

The domestic solution -- the central bank's financial message transfer system -- is planned to be linked with the Chinese and Indian payment infrastructure, two sources close to the regulator told Izvestia. Anatoly Aksakov, the head of the State Duma committee on the financial market, confirmed that the topic is being discussed with BRICS partners.

... Dispatch continues below ...



ADVERTISEMENT

Storage and Withdrawal of Gold with Bullion Star in Singapore

Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.

Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.

Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault StorageĀ® online around the clock. Storage rates are competitive.

For more information, please visit Bullion Star here:

https://www.bullionstar.com/ [1]



It is planned to create a backup infrastructure for payments between Russian organizations and their counterparties in India and China. We are talking about connecting settlement platforms using network gateways -- hardware and software systems, Izvestia's sources say.

For payments with China, it is supposed to link the Russian payments system with its counterpart in China -- the cross-border interbank payment system. India does not have a national solution for financial communication. So it is planned to combine the platform of the Russian central bank with the promising development of an independent Indian structure, a source in the financial market explained. ...

... For the remainder of the report:

https://iz.ru/936246/dmitrii-grinkevich-inna-grigoreva/uzy-sviazi-tcb-so... [2]

* * *

Join GATA here:

New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Friday-Monday, November 1-4, 2019

https://neworleansconference.com/noic-promo/powellgata/ [3]

* * *

Help keep GATA going:

GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:

http://www.gata.org [4]

To contribute to GATA, please visit:

http://www.gata.org/node/16 [5]