China and Russia are actively reducing dependence on the dollar in bilateral trade. In October 2017, Beijing launched a payment system for transactions in yuan and Russian rubles. This means that settlements for Russian oil deliveries to China, which have reached 60 million tons per year, can be done without using the dollar. China and Russia, joined most likely by their major trading partner countries in the BRICS (Brazil, Russia, India, China, South Africa), as well as by their Eurasian partner countries of the Shanghai Cooperation Organization (SCO) are about to complete the working architecture of a new monetary alternative to a dollar world. China Yuan Oil

China is the world's largest importer of oil, the vast majority of it still paid in US dollars. If the new Yuan oil futures contract gains wide acceptance, it could become the most important Asia-based crude oil benchmark, given that China is the world's biggest oil importer. In a symbolic blow to U.S. global financial hegemony, Russia and China took a small step toward undercutting the domination of the U.S. dollar as the international reserve currency on Tuesday when Russia's second biggest financial institution, VTB, signed a deal with the Bank of China to bypass the dollar and pay each other in domestic currencies. All the Chinese need is for the Saudis to sell China oil in exchange for yuan. If the House of Saud decides to pursue that exchange, the Gulf petro-monarchies will follow suit, and then Nigeria, and so on. This will fundamentally threaten the petrodollar. "In 2014 Russia and China signed two mammoth 30-year contracts for Russian gas to China. Russia and China have agreed to launch a Chinese Yuan dominated fund under the existing "Russia Direct Investment Fund" (RDIF) to cater for jointly financed projects in Siberia, the Russian Far East and North-East China. The RDIF Chinese Yuan denominated fund has been jointly invested in by the private equity Russia-China Investment Fund In answer to Darrell Francis's confidence in the US dollar, I would question whether its strength will hold up much longer with the constant impact of money printing under QE. BRIC countries appear to be getting rid of their fiat US dollars which Russia held US$67 billion in yuan as of mid-2018, 15 per cent of its international reserves. China's yuan has become the fourth largest component of Russia's international reserves after the euro (32 per cent), the US dollar (22 per cent), and gold (17 per cent). Russia wants to see bilateral trade with China top US$200 billion by 2020.

Interestingly, part of Russia's success in China has been attributed to its willingness to accept Chinese yuan denominated currency for its oil. (And not, as others have suggested, because of any

Russia and China have agreed to launch a Chinese Yuan dominated fund under the existing "Russia Direct Investment Fund" (RDIF) to cater for jointly financed projects in Siberia, the Russian Far East and North-East China. The RDIF Chinese Yuan denominated fund has been jointly invested in by the private equity Russia-China Investment Fund In answer to Darrell Francis's confidence in the US dollar, I would question whether its strength will hold up much longer with the constant impact of money printing under QE. BRIC countries appear to be getting rid of their fiat US dollars which Russia held US$67 billion in yuan as of mid-2018, 15 per cent of its international reserves. China's yuan has become the fourth largest component of Russia's international reserves after the euro (32 per cent), the US dollar (22 per cent), and gold (17 per cent). Russia wants to see bilateral trade with China top US$200 billion by 2020. Why a Russia-China currency swap agreement turned out to be a damp squib. considering the fact that yuan is not a freely convertible currency, Russia can only use it in transactions with China Goodbye Petrodollar: Russia Accepts Yuan, Is Now China's Biggest Oil Partner part of Russia's success in China has been attributed to its willingness to accept Chinese yuan denominated currency for its oil. This is consistent with earlier forecasts about Russia's market share in China.

Warning: China Russia Saudi Arabia & Iran To Use Yuan For Trading Oil Next Step Is WW3 New Financial Order': Russia, China Placing Heavy Bets on 'Petro-Yuan' After the West imposed economic sanctions against Moscow, Russia and Beijing established a powerful energy alliance which changed the global oil market. In addition to increasing trade

CHECK THE WIRE FOR REAL-TIME NEWS UPDATES. The world's second-largest economy imported no crude oil at all from the US during December amid the ongoing trade tension, and meanwhile its oil imports from Russia climbed nearly 20 per cent in 2018, making it the biggest crude supplier to China for the third straight year. The China-Russia Strategic partnership will shape the world well into the future. It is an alliance that brings together the world's largest economy and the world's energy superpower. In 2017, given the decline in US credibility as a result of triggering wars against smaller countries (leaving aside countries like Russia, China, and Iran that have military capabilities the likes of which the US has not faced for more than seventy years), a general recession from the dollar-based system is taking place in many countries. The two countries will have to develop ruble and yuan financial instruments to boost cross-currency trade and mitigate risks of exchange rate fluctuations, according to Aksakov. He added that in the coming years, the share of settlements in national currencies between Russia and China could increase fivefold - from 10 to 50 percent.

COMPARTILHE NA REDE SOCIAL | A Rússia colhe os frutos do despejo do dólar. A Rússia é agora o maior exportador de petróleo para a China, o maior país (ou o segundo maior, dependendo para quem você perguntar) em crescente demanda por petróleo do mundo. No início da década, a Arábia Saudita teve uma quota…

Russia and China are keen to increase the use of the rouble and yuan in bilateral trade settlements to reduce their reliance on the US dollar, Russia's ambassador to China said. Trade between the two countries in 2018 rose 25 per cent year on year to US$108 billion, but only about 10 to 12 per cent China's economy produced $25.3 trillion in 2018, according to the International Monetary Fund. That's based on purchasing power parity which takes into account the effect of exchange rates. That makes it the best method for comparing gross domestic product by country. Con respecto a este hecho, varios medios norteamericanos han expresado una gran preocupación y crítica de la política del presidente de EE.UU., Barack Obama, ya que, de hecho, los bancos centrales de Rusia y China discutieron la sustitución del dólar por el rublo y el yuan, informa el portal vestifinance.ru.

"Así que a pesar de que Rusia y China se han pasado a la moneda nacional en las transacciones financieras entre ambos, el dólar sigue jugando un papel importante en las transacciones mundiales a

China, meanwhile, has already become far and away the world's largest crude oil importer and many key exporters - led by Iran and Russia - are more than happy to transact in yuan terms," Saxo predicts. Russia is the largest exporter of oil to China, according to the latest data. The 1987-esque flash crash of S&P 500

Gazprom Neft sells oil to China in renminbi rather than dollars. Gazprom Neft, Russia's third-largest oil producer, is now settling all of its crude sales to China in renminbi,