Russia-China “Dedollarization” Reaches “Breakthrough Moment” As Countries Ditch Greenback For Bilateral Trade
“Late last year, data released by the PBOC and the Russian Central Bank shone a light on a disturbing — at least, for the US — trend: As the Trump Administration ratcheted up sanctions pressure on Russia and China, both countries and their central banks have substantially “diversified” their foreign-currency reserves, dumping dollars and buying up gold and each other’s currencies.”