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It may have arrived with little fanfare, but Russia’s SWIFT alternative has, more or less, arrived.<\/p>\n
Speaking in no uncertain terms at a meeting with Russian President Vladimir Putin in late March 2017, Elvira Nabiullina, the Governor of Russia’s central bank, stated: “We have finished working on our own payment system, and if something happens, all operations in SWIFT format will work inside the country. We have created an alternative.”<\/p>\n
Now maybe this story taken by itself is no big news. But let’s look at it the context of recent events.<\/p>\n
Russia just created its first ever representative office of the Bank of Russia abroad… in Beijing. This move brings Russia one step closer to issuing its own sovereign yuan-denominated bonds.<\/p>\n
Meanwhile the Industrial and Commercial Bank of China is now officially acting as a renminbi clearing bank in Russia, which expands local settlement business in direct yuan-ruble trade and follows Russia’s 2015 inclusion of the renminbi on its official reserve currency list.<\/p>\n
Are you starting to see the bigger picture? Again, no one of these stories is a silver bullet, but they’re all related and they all point in the same direction: China and Russia are preparing for the inevitable split with the US-dominated, dollar-denominated, SWIFT-networked global(ist) financial architecture.<\/p>\n
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\n yogaesoteric It may have arrived with little fanfare, but Russia’s SWIFT alternative has, more or less, arrived. Speaking in no uncertain terms at a meeting with Russian President Vladimir Putin in late March 2017, Elvira Nabiullina, the Governor of Russia’s central bank, stated: “We have finished working on our own payment system, and if something happens, […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[385],"tags":[],"class_list":["post-18556","post","type-post","status-publish","format-standard","hentry","category-news-1602-en"],"_links":{"self":[{"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/posts\/18556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/comments?post=18556"}],"version-history":[{"count":0,"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/posts\/18556\/revisions"}],"wp:attachment":[{"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/media?parent=18556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/categories?post=18556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/yogaesoteric.net\/en\/wp-json\/wp\/v2\/tags?post=18556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nJuly 6, 2017<\/strong>
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