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Russia dropping US dollar for Chinese Yuan – and fast

From Ben Norton and excellent research as usual:

In response to Western sanctions, Russia’s central bank is dropping the US dollar and plans to buy Chinese yuan on the foreign exchange market. The yuan’s share of trading on Russia’s currency market increased from 1% to 40-45% in less than a year, while dollar trade halved from 80% to 40%. Moscow has quickly become the world’s fourth-biggest offshore trading center for renminbi.

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Col...'the farmer from NZ'
Col...'the farmer from NZ'
1 month ago

Thanks, Amarynth… Ben Norton is excellent and gives a great summary without being too hyperbolic or technically overwhelming. Something he didn’t mention as another reason for the US dollar remaining strong in the interim, is that they are really the only traditional default currency left ( default currency = where… Read more »

AHH
AHH
1 month ago

Col,
several months ago, after it became clear that not only had the rubble survived but was gaining strength upon strength as the currency of 2022, I heard the best rejoinder from a cheeky Indian media outlet to Biden’s premature gloating:

“From Ruble is rubble
to Dollar is dust!”

😂🤣

Col...'the farmer from NZ'
Col...'the farmer from NZ'
1 month ago
Reply to  AHH

Yeah love it AHH. Some extra notes I neglected to include in my first comment… Examples of this blatant theft abound. At the 27-minute mark, Ben mentions some absolute shockers where $300 billion in Russian foreign reserves were stolen earlier this year (more than NZ’s entire GDP). Also the blatant… Read more »