China and Russia to establish independent financial systems

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Assessment: Both nations have been trying to remove the US dollar as world reserve currency for over a decade. The move appears to be Russian’s response to a series threats that the US could push to disconnect Russia from the Brussels-based SWIFT financial system. China would like to see the digital yuan, first of its kind, as world reserve currency …

Russia and China have agreed to develop shared financial structures to deepen economic ties in a way that will not be affected by pressure of third countries following talks between the top leaders, Russian media outlet RT reported on Wednesday.

The move will help both countries deter the threat of the US government’s long-arm jurisdiction based on the US dollar denominated international payment network, experts said.

“Then the sixth angel poured out his bowl on the great river Euphrates, and its water was dried up, so that the way of the kings from the east might be prepared” Rev. 16:12

During the talks on Wednesday, top leaders of the two countries called for increasing the share of national currencies in mutual settlements and expanding cooperation to provide Russian and Chinese investors with access to stock markets, said Yuri Ushakov, Putin’s foreign policy advisor, according to RT.

Ushakov said that “particular attention was paid to the need to intensify efforts to form an independent financial infrastructure to service trade operations between Russia and China.”

Read More @ Global Times HERE