mo4ch:>Russia & China agree to ditch US dollar in favor of trade in ruble and yuan | Mo4ch News

Moscow and Beijing have inked an intergovernmental agreement to switch to national currencies in bilateral trade and boost cross-currency settlements up to 50 percent as they ramp up efforts to move away from the US dollar.The document was signed by Russian Finance Minister Anton Siluanov and the head of the People’s Bank of China, Yi Gang, earlier in June, Izvestia reports.Moscow and Beijing are currently developing new mechanisms of cross-border payments between Russian and Chinese businesses, the newspaper said, citing a letter from Deputy Finance Minister Sergey Storchak to Anatoly Aksakov, the head of the financial market committee of the State Duma (lower chamber of Russia’s parliament). The two sides may settle payment gateways between their domestic alternatives to the traditional SWIFT system, Russia’s System for Transfer of Financial Messages (SPFS) and China’s Cross-Border Inter-Bank Payments System (CIPS).Also on rt.comGlobal trust in the US dollar is falling – PutinThe tw…