SLOW BUT SURE DEATH FOR THE U.S. DOLLAR? CHINA AND RUSSIA GETTING OUT OF GREENBACKS CONTROL

IMG_0094Two years ago, ICBC, the largest and most valuable bank in the world by total assets and market capitalization, was planning to open a clearing bank in Russia for trade settlements in Yuan (Renminbi) and Rubles. ICBC’s business involvement include electricity, mining, chemical, oil and gas, telecommunication, retail, machinery and metallurgy sector in Russia. It makes perfect sense to get rid of US dollar. Why must China and Russia conduct their business transactions using their rival’s currency? The US dollar is so strong because 80% of world trade take place in US dollar. Besides military might and power, the high demand for US dollar is also driven by perception that it’s the safest currency simply because US is also the world’s biggest economy….Read More