China To drop US dollar And Use National Currency For Trade With Russia

Image source: Schiffgold.com

A lot of mainstream news organisations and corporate backed news sites seem to be getting quite excited about this story, which 'broke' earlier this week. It is not news however. Russia and China have been working on plans to replace the US$ as global reserve currency for several years. The plan is nearing completion now, earlier this month it was reported China had launched a gold based, Yuan denominated market for trading oil futures on the Shanhai stock exchange.

Long before that, back in 2015, Russia, China and Iran launched a BRICS investment guarantee bank, and were persuading European, Asian and Pacific Rim nations to sign bilateral agreements to settle cross border trades in the currency of the vendor nation. Even European nations were beinf drawn in, as German financial newspaper Deutshe Wirtschafts Nachrichten reported at the time (if you don't speak German you will need Google translate to read that.)

So by all means read stories like this one from The Duran, but don't overlook the fact that some on us have been reporting this story for years and followed all the developments in:

CURRENCY WARS

(omnibus post - many posts in one page with an active contents lit, works like an ebook)