Russia and China do without the us dollar

Chinese foreign exchange trade system (cfets) announced the creation of a payment system for conducting transactions in yuan and Russian rubles, reports reuters. It is noted that the payment system for trading in renminbi and other foreign currencies created for the first time. The system of pvp (payment versus payment, payment versus payment), which allows to conduct transactions in two different currencies, was launched on monday after the approval of people's bank of China. In fact, this platform allows conducting settlements without the mediation of the dollar. According to the cfets, pvp will reduce risks in the calculation and improve the efficiency of the foreign exchange market.

Cfets also said that plans to create a similar system for the yuan and other currencies in the framework of the project "One belt, one road", which would correspond to the process of internationalization of the rmb, according to "Expert online".