All posts in " dollar "
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Russia set to wean economy off US dollar as Washington ratchets up sanctions

By ethan / July 20, 2018

The Russian finance ministry is working on a broad set of measures to protect the country’s economy amid growing pressure from the United States, Kommersant daily reports. The main part of the reforms is a plan to reduce the use of the US dollar in foreign trade transactions in favor of national currencies, according to […]

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The great dollar dump: Russia liquidates US Treasury holdings

By ethan / July 18, 2018

Russia is continuing to diversify state reserves away from US debt. The latest data from the US Treasury shows that Russia’s share hit an 11-year minimum and totaled only $ 14.9 billion. The share of US sovereign debt bonds in Russia’s portfolio has been reduced dramatically in recent months. Russia held $ 96.1 billion in […]

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Russia speeds up dumping the dollar from economy

By ethan / July 15, 2018

One of Russia’s largest banks, VTB is seeking to decrease the share of US dollar transactions at home as locals are choosing the Russian ruble over the greenback. “There is one interesting thing I wanted to highlight. Since the beginning of this year, people seem to be less interested in making dollar deposits or taking […]

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Major Chinese banks ditching US dollar to prop up domestic currency

By ethan / July 3, 2018

China’s state-owned banks have reportedly been buying US dollars in forwards on behalf of the central bank (PBOC) and immediately selling them into the spot market to support the yuan. PBOC deputy governor and head of the foreign exchange regulator Pan Gongsheng said China was confident it could keep the yuan basically stable and at […]

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Switzerland chooses gold bullion over paper wealth backed by US dollar

By ethan / June 30, 2018

Another country is betting on physical gold. Switzerland’s pension fund has boosted its investments in bullion, switching from the paper-backed securities in US dollars. Read more “The Swiss government Pension System decided to change from paper gold in the amount of 700 million CHF into physical gold and store it in Switzerland. The 700 million […]

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Russia & India ditching US dollar in defense deals

By ethan / June 19, 2018

Moscow and Delhi are seeking to bypass US sanctions by using the rupee and the ruble in facilitating military deals, according to Indian daily, the Economic Times. The paper reports that US sanctions are hampering $ 2 billion in defense deals between Russia and India, as payments are getting stuck. The countries are seeking to […]

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Russia & Belarus ditching dollar trade in favor of national currencies

By ethan / June 13, 2018

The Belarusian Prime Minister, Andrey Kobyakov, has called for a complete shift away from the US dollar towards national currencies in Russia-Belarus trade and price-setting. “That would be great if the entire trade turnover, as well as price-formation were set in national currencies,” Kobyakov said during the session of the Council of Ministers of the […]

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