“Financial cooperation between China and Russia is growing as local currency settlement in two-way trade increases and consultations on a package of currency swaps are on-going,” said Zhang. This would remove the necessity for transactions to be settled in two foreign exchange trades via the US dollar.
Beijing is keen on substituting the US dollar with the yuan in all of China’s trade with other countries. The Chinese currency now trades directly with the Japanese yen, the Australian dollar, the Brazilian real, the EU’s euro, the New Zealand dollar and many other currencies.
China will aim to boost investment via the China-Russia Investment Fund, singling out greenfield investment, equity investment, bond issuance and mergers and acquisitions, Zhang said.
http://thebricspost.com/china-russia-discussing-currency-swaps-package/
Here is what lies ahead for people in the US:
- Led by the BRICS, the world will soon stop using the US dollar for trade,
- When they dump their remaining dollars, our economy will collapse,
- Obama ad-Dajjal and his minions sooner or later will implement martial law, and
- President Hillary Rodham will complete the process of destroying the US (she'll call it "reinventing", but it's the same thing).
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