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“De-Dollarization” Continues – China Starts Direct Trade With UK

$-Tank

This article comes from ZeroHedge.com

Following the initial de-dollarization meeting, there has been a slew of anti-dollar moves around the world (including Gazprom’s shift of 90% of its clients to non-dollar payments). However, on the heels of the “anti-dollar alliance” discussions yesterday, DW reports that China would start direct trade between the renminbi and the British pound on Thursday. China’s Foreign Exchange Trade System (CFETS) confirmed Sterling and yuan would be directly swapped without using the US dollar as an intermediary.

Via DW,

China’s Foreign Exchange Trade System (CFETS) said Wednesday the Asian nation would start direct trade between the renminbi and the British pound on Thursday.

Sterling and yuan would be directly swapped without using the US dollar as an intermediary, the trade platform noted.

“The move will promote the bilateral trade and investment between China and the United Kingdom and facilitate the use of renminbi and pound in the cross-border trade settlement,” CFETS commented.

China has long had direct currency trade with the US and has recently added Japan’s yen, the Australian, New Zealand and Canadian dollars, Russia’s ruble and the Malaysian ringgit to its options.

Wednesday’s announcement came during a visit to the UK by China’s Prime Minister Li Keqiang and after the signing of various bilateral business contracts.

Britain for its part has been looking to make London a European hub for overseas yuan trading in competition with Frankfurt and Paris. China’s central bank announced Wednesday that a subsidiary of China Construction Bank had been chosen to undertake yuan clearing business in London.

Still – there’s always Iraq to trade USDs with…

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4 comments

  1. Makes one wonder why we helped those brits during WWII. We probably should have let the Germans totally destroy the islands and just defended ourselves. All the world sure has a short memory when it comes to remembering how much of our blood and treasure went to protect them from themselves and their wanton destruction in past wars. We never asked a thing except room to bury our dead while we spent ourselves into deep trouble during both hot wars and the cold war. Looks like we completely wasted all that blood and treasure now.

  2. Central Banking at it’s best. Perhaps the banking families that created the Federal Reserve and it’s Reserve Note concluded that it found much more wealth and control elsewhere, since America’s Wealth and Health among other items are continually offered as collateral or sold for debt payment at yard sale prices. China continues it’s US shopping spree un-abated by the financial woes of the US Dollar. It does remind me of a Congressional Resolution shortly after WWI, declaring that the War was started by the Banks. The East is nothing more than the flip-side of the Central Bankers coin. “Heads I win, Tails you lose’. After all, the current occupant of the WH did originally run on a platform of change, then later stated that ‘spending helped make America great’.

  3. And soon the citizens may be finding out that our trusted friends also stole all of our gold. We have friends that have been smiling in our faces as they stabbed us in the back. As for how we got suckered into Ww1 and Ww2, read Mike King and his GreatTomatoBubble for the explanation.

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