“This Is A Trend”: Increasingly More Russian Companies Set To Drop Dollar, Switch To Chinese Yuan

Monday, June 9, 2014
By Paul Martin

by Tyler Durden
ZeroHedge.com
06/09/2014

As we have been reporting (and forecasting for the past several years), the Eurasian anti-US Dollar axis is rapidly taking shape, with recent events catalyzed and certainly accelerated by US foreign policy in Ukraine, which has merely succeeded in pushing Russia that much closer, and faster, to China. The latest proof of this came overnight when the FT reported that Russian companies are preparing to switch contracts to renminbi and other Asian currencies amid fears that western sanctions may freeze them out of the US dollar market, according to two top bankers. Andrei Kostin, chief executive of state bank VTB, said that expanding the use of non-dollar currencies was one of the bank’s “main tasks”. “Given the extent of our bilateral trade with China, developing the use of settlements in roubles and yuan [renminbi] is a priority on the agenda, and so we are working on it now,” … “It looks like this is not just a blip, this is a trend,” said Mr Teplukhin of Deutsche Bank.

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