Country abandon U.S dollars for trading with China

[hans]

Glad to see that..

 

[apiSubmarine]

There are many country abandon u.s dollars because they want to do business with china.
China has the biggest trading system right now and set up a new system which will kill the u.s dollars.
for example, if you want to buy things from china,you must using chinese money. Therefore, Many country will abandon using u.s dollars.

 

[Indus Falcon]

There are many country abandon u.s dollars because they want to do business with china.
China has the biggest trading system right now and set up a new system which will kill the u.s dollars.
for example, if you want to buy things from china,you must using chinese money. Therefore, Many country will abandon using u.s dollars.

Some countries, like the UAE already did, back in 2012

http://www.ft.com/cms/s/0/82e5d5b8-41da-11e1-a586-00144feab49a.html#axzz3Z49bVdfc

 

[apiSubmarine]

I also think japan, austrilia, brazil, uk, russia, did the same.

 

[Indus Falcon]

I also think japan, austrilia, brazil, uk, russia, did the same.

Since you did start the thread, get off your lazy behind and post some links.

 

[大汉奸柳传志]

You mean the Cross-border Inter-bank Payment System，CIPS

It‘s an alternative to SWIFT，not to replace it tho，they will co-exist. Dont be overdramatic

 

[Al Bhatti]

Some countries, like the UAE already did, back in 2012

http://www.ft.com/cms/s/0/82e5d5b8-41da-11e1-a586-00144feab49a.html#axzz3Z49bVdfc

China and UAE ditch US Dollar, will use Yuan for oil trade

China launches its first yuan bond in Middle East

 

[Beidou2020]

You mean the Cross-border Inter-bank Payment System，CIPS

It‘s an alternative to SWIFT，not to replace it tho，they will co-exist. Dont be overdramatic

CIPS is not an alternative to SWIFT.

CIPS is a payment clearing system for international yuan transactions. CHIPS is the American payment clearing system for international dollar transactions.

SWIFT is a financial messaging system, there is no clearing of money. It just sends secure messages between banks that an X amount of money should be transferred to a certain bank.

 

[大汉奸柳传志]

CIPS is not an alternative to SWIFT.

CIPS is a payment clearing system for international yuan transactions. CHIPS is the American payment clearing system for international dollar transactions.

SWIFT is a financial messaging system, there is no clearing of money. It just sends secure messages between banks that an X amount of money should be transferred to a certain bank.

Technically true，but virtually every international transaction between banking institutions goes through the SWIFT network. which means SWIFT can be used as a powerful weapon by the US to delist certain banks.

And CIPS uses its own messaging system, so it makes bypassing SWIFT possible，thus its an alternative by all means

 

[Beidou2020]

Technically true，but virtually every international transaction between banking institutions goes through the SWIFT network. which means SWIFT can be used as a powerful weapon by the US to delist certain banks.

And CIPS uses its own messaging system, so it makes bypassing SWIFT possible，thus its an alternative by all means

Really? Where did you read that CIPS has its own messaging system?

 

[apiSubmarine]

China has biggest economic system in the world, they need to use china currency for trading,
China money is more importance and value than vietnam when trading.