Back in 2013, The NSA was first exposed for secretly 'monitoring' the SWIFT payments flows. This appears to have been among the last straws for Russia (and others) as far as both NSA spying and dollar domination. Last year, following threats to remove Russia from SWIFT by the UK, (which SWIFT rapidly distanced its 'independent-self' from), Russia (and China) announced plans to create its own[...]
Tag: swift
China To Launch Yuan Swap Trading With Russian Rubles On Monday
The world was slow to wake up to the new reality in which China is now the de facto IMF sovereign backstop, as Zero Hedge described two weeks ago in "China Prepares To Bailout Russia" when we noted that a PBOC swap-line was meant to reduce the role of the US dollar if China and Russia need to help each other overcome a liquidity squeeze, something we first noted over two months ago in "China,[...]