A few days ago, Reuter reported that Switzerland’s second largest bank, Crédit Suisse, has ‘frozen‘ about 5 billion Swiss francs of Russian money, or about the same in US-dollars, for fear of falling out of favors with Washington – and being ‘sanctioned’ in one way or another.
Sputnik Radio Interview
by Anastasia Romadina
Transcript of a Sputnik Live Radio Interview with Peter Koenig
28 August 2018
Introduction
The German newspaper “Die Welt” announced that Russia actively seeks to get rid of dependency on the US dollar by purchasing gold and selling the bulk of the Moscow-owned US Treasury bonds.
(ZHE) Just days after Beijing officially launched Yuan-denominated crude oil futures (with a bang, as shown in the chart below, surpassing Brent trading volume) which are expected to quickly become the third global price benchmark along Brent and WTI, China took the next major step in the challenging the Dollar’s supremacy as global reserve currency (and internationalizing the […]
The RMB is the currency of choice for the BRICS New Development Bank. It is the fifth most used currency in the world [Xinhua]
The People’s Bank of China on Friday said that it encouraged cross-border and overseas use of the renminbi (RMB) currency to settle accounts and boost investment.
It acknowledged that Chinese banks have been looking to trade in offshore RMB and that there was a growing need for foreign-funded companies in China to be able to transfer investment revenue overseas.
The Russian government has recently announced it will issue nearly $1 billion equivalent in state bonds, but denominated not in US dollars as is mostly the case. Rather it will be the first sale of Russian bonds in China’s yuan. While $1 billion may not sound like much when compared with the Peoples’ Bank of China total holdings of US Government debt of more than $1 trillion or to the US Federal debt today of over $20 trillion, it’s significance lies beyond the nominal amount.
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Source : Global European Anticipation Bulletin, pour le LEAP, Septembre 2017.
