Russia, China to set up new SWIFT system

[possumlot]

You working at SWIFT?

Banks come when alternatives open, only an idiot like you would believe banks don't want to cooperate with China. China is driving engine for the global economy and everyone wants to cooperate with China to deal with renminbi. Banks are begging the Chinese government access to Chinese market and China can demand anything it wants in return. Banks, companies and even government all comply when you are powerful.

China has the 3rd largest FDI. Pretty much sums up who has credibility. If China doest then pretty much no one does.
Indians laughing at China and Russia about international credibility is like Africans laughing at others about being poor

It is your failed country that scrapes the bottom of international credibility which is why no one wants to invest in your failed country full of corruption, bureaucracy and ultra jingoism. The only thing India has international credibility for is gang raping and defecating all over the streets like cavemen.

No you moron, I used to work with SWIFT. Past tense.

All the best in convincing the rest of the world to switch to Chinese inter-banking network

FDI is a measure of investment opportunity, not credibility ...... your own president is in India looking to invest YOUR money ..... 20 Billion $ at last count. More to come. You need to contact him and convince him otherwise.

 

[Beidou2020]

No you moron, I used to work with SWIFT. Past tense.

All the best in convincing the rest of the world to switch to Chinese inter-banking network

FDI is a measure of investment opportunity, not credibility ...... your own president is in India looking to invest YOUR money ..... 20 Billion $ at last count. More to come. You need to contact him and convince him otherwise.

Worked at SWIFT call centre?

If you don't have credibility, no one invests in a country. That is why companies invest in China in massive amounts and hardly anyone invests in India

China convinced the entire world to invest in China, China is convincing the world to using the renminbi, China just today convinced many global banks to take part in the Chinese gold exchange. China can convince any bank or company. When they want access to the massive Chinese market, it doesn't take much convincing.

India has no credibility as India is one of the most backward and corrupt countries on earth. Bureaucracy and red tape is part of Hindu culture. Companies don't trust Indian regime and the Indian judicial system which is just as corrupt as the regime. They invest, find out its an anti-business country and then leave.

$20 billion is peanuts for China. China needs to use the $4 trillion in reserves and one way is to let companies invest that. But investing in India means big losses.

Indian credibility

 

[possumlot]

Worked at SWIFT call centre?

If you don't have credibility, no one invests in a country. That is why companies invest in China in massive amounts and hardly anyone invests in India

China convinced the entire world to invest in China, China is convincing the world to using the renminbi, China just today convinced many global banks to take part in the Chinese gold exchange. China can convince any bank or company. When they want access to the massive Chinese market, it doesn't take much convincing.

India has no credibility as India is one of the most backward and corrupt countries on earth. Bureaucracy and red tape is part of Hindu culture. Companies don't trust Indian regime and the Indian judicial system which is just as corrupt as the regime. They invest, find out its an anti-business country and then leave.

$20 billion is peanuts for China. China needs to use the $4 trillion in reserves and one way is to let companies invest that. But investing in India means big losses.

Indian credibility

 

[bolo]

You working at SWIFT?

Banks come when alternatives open, only an idiot like you would believe banks don't want to cooperate with China. China is driving engine for the global economy and everyone wants to cooperate with China to deal with renminbi. Banks are begging the Chinese government access to Chinese market and China can demand anything it wants in return. Banks, companies and even government all comply when you are powerful.

China has the 3rd largest FDI. Pretty much sums up who has credibility. If China doest then pretty much no one does.
Indians laughing at China and Russia about international credibility is like Africans laughing at others about being poor

It is your failed country that scrapes the bottom of international credibility which is why no one wants to invest in your failed country full of corruption, bureaucracy and ultra jingoism. The only thing India has international credibility for is gang raping and defecating all over the streets like cavemen.

That Hindu has no idea about SWIFT. You are correct as it's just a system for transferring money between local and international companies via SWIFT but going through an intermediary US bank. By developing their own SWIFT, sanctioned companies can purchase and pay for products bypassing the US controlled Swift.

 

[possumlot]

That Hindu has no idea about SWIFT. You are correct as it's just a system for transferring money between local and international companies via SWIFT but going through an intermediary US bank. By developing their own SWIFT, sanctioned companies can purchase and pay for products bypassing the US controlled Swift.

LOL.... you are confusing the SWIFT network for a payment gateway

Is this the level of communist education ?

No one pays for products using SWIFT ...... it is an exclusive banking network that is purely B2B which is used to transfer financial message for forex, FDI etc between global banks using their own protocols.

Almost ALL global financial transactions is messaged in SWIFT so the owners of the data center has all the information regarding the financial flow between nations and banks. In this case, the datacenter is in the US.

Which bank would want these information to fall into Chinese or Russia hands ? Which nation for that matter ?

 

[sicsheep]

LOL.... you are confusing the SWIFT network for a payment gateway

Is this the level of communist education ?

No one pays for products using SWIFT ...... it is an exclusive banking network that is purely B2B which is used to transfer financial message for forex, FDI etc between global banks using their own protocols.

Almost ALL global financial transactions is messaged in SWIFT so the owners of the data center has all the information regarding the financial flow between nations and banks. In this case, the datacenter is in the US.

Which bank would want these information to fall into Chinese or Russia hands ? Which nation for that matter ?

a few comes to mind, Russia, China, Iran, Cuba , North Korea, Syria, lists go on, you missed the whole point of this, this is not build to compete with Swift, but it is definitely one good way to get around sanctions.

 

[terranMarine]

a few comes to mind, Russia, China, Iran, Cuba , North Korea, Syria, lists go on, you missed the whole point of this, this is not build to compete with Swift, but it is definitely one good way to get around sanctions.

The purpose of this new system has totally eluded the poor Indian in which he has no understanding of. It's not some kind of a commercial product trying to compete with Western countries or winning hearts of them. As you have stated very clearly it's an alternative once the US wants to put sanctions on you so that SWIFT becomes inaccessible. No wonder these Indians are a total failure

 

[mike2000]

LOL.... you are confusing the SWIFT network for a payment gateway

Is this the level of communist education ?

No one pays for products using SWIFT ...... it is an exclusive banking network that is purely B2B which is used to transfer financial message for forex, FDI etc between global banks using their own protocols.

Almost ALL global financial transactions is messaged in SWIFT so the owners of the data center has all the information regarding the financial flow between nations and banks. In this case, the datacenter is in the US.

Which bank would want these information to fall into Chinese or Russia hands ? Which nation for that matter ?

I agree with you. China and Russia seem to think it's easy to create such an alternative to SWIFT. It takes alot of credibility, technology, capital, and economic strength/weight to even have a chance to create one. Even if they create one, it remains to be seen how many major countries will be willing to use it instead of ours (which already have a credible /long history /experience ). As we can see, even a BRICS member like INDIA wouldn't be willing to join such an initiative at all. Talk much less of other countries who rely on the west /U. S. Apart from north Korea, Iran, Cuba , Venezuela, Bolivia, and some African /central Asian countries, i don't see any major country eve using this IMO(this is if it ever materialises at all, which I dint think it will by the way). It will fake a longgggg time to create/run such a system . By which time alot of things would have changed. I'm sure after the Ukraine issue settles down, Russia will return back to the status quo/trading with us as usual and all this will be forgotten.

 

[possumlot]

I agree with you. China and Russia seem to think it's easy to create such an alternative to SWIFT. It takes alot of credibility, technology, capital, and economic strength/weight to even have a chance to create one. Even if they create one, it remains to be seen how many major countries will be willing to use it instead of ours (which already have a credible /long history /experience ). As we can see, even a BRICS member like INDIA wouldn't be willing to join such an initiative at all. Talk much less of other countries who rely on the west /U. S. Apart from north Korea, Iran, Cuba , Venezuela, Bolivia, and some African /central Asian countries, i don't see any major country eve using this IMO(this is if it ever materialises at all, which I dint think it will by the way). It will fake a longgggg time to create/run such a system . By which time alot of things would have changed. I'm sure after the Ukraine issue settles down, Russia will return back to the status quo/trading with us as usual and all this will be forgotten.

It is easy to create an inter banking financial messaging sytem. Even the technology and capital is available

What cannot be built overnight is credibility.

Russia and china can pass laws asking their banks to deal only with this new network and all their banks will have to comply. This will shield their banking transactions from the prying eyes of the US.

Other banks who then have to do trade with Russia & China will have to use this new network to complete their transactions. Which means all the banks will use this network to transact money to and from Russia and China.

But this network will be limited to only these two nations as no other nation or bank will use this network for other global transactions.

That seems to be the objective of this new initiative. To inject a certain uncertainty into the global banking system and weaken the current system. In that much, they will be successful.

The purpose of this new system has totally eluded the poor Indian in which he has no understanding of. It's not some kind of a commercial product trying to compete with Western countries or winning hearts of them. As you have stated very clearly it's an alternative once the US wants to put sanctions on you so that SWIFT becomes inaccessible. No wonder these Indians are a total failure

That purpose is pretty evident. It seems to have been lost on your fellow chinese.

 

[usb24h]

Im sure when things calm down when sanctions are lifted, everything will come back to normal, and all these will be forgotten.

 

[AZADPAKISTAN2009]

CHINA is beacon of hope , and Russia is the Light of Freedom

Would be wonderful to use this NEW improved system

 

[possumlot]

a few comes to mind, Russia, China, Iran, Cuba , North Korea, Syria, lists go on, you missed the whole point of this, this is not build to compete with Swift, but it is definitely one good way to get around sanctions.

The only feasible member from that list is North Korea However I doubt if they have much money for FID and Forex.

No one but the chinese expects the world to cut its nose to spite its face.

 

[Hasbara Buster]

In terms of making money, China is far more interested in the west than Russia.

I don't know, I assume that China knows they are the next target of Western imperialists after Russia. They already are the target but it's only the beginning. I wouldn't be surprised if at some point in the future they begin their "sanctions war" on China.

The purpose of this new system has totally eluded the poor Indian in which he has no understanding of. It's not some kind of a commercial product trying to compete with Western countries or winning hearts of them. As you have stated very clearly it's an alternative once the US wants to put sanctions on you so that SWIFT becomes inaccessible. No wonder these Indians are a total failure

Yes, most people don't understand the importance of independence. And they don't even know what it means, it almost seems.

 

[j20blackdragon]

What's stopping China from using normal SWIFT and the SWIFT alternative at the same time?

Use the SWIFT alternative when trading with Russia, Iran, and any other nations that choose to join.

Use normal SWIFT for everyone else.

Get the best of both worlds.

 

[somsak]

Credibility cannot built over night.
-Therefore it must start now.
Or
-Therefore it should not be built.
?

Which one is the right logic to be great power?