ChineseTiger1986
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Nope, not even the jet engine right now.
China always develops its own critical components by itself, never really relying on Russia.
The Great Game Changer: Belt and Road Intiative (BRI; OBOR)
- Thread starter Pk_Thunder
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Nope, not even the jet engine right now.
China always develops its own critical components by itself, never really relying on Russia.
Hamartia Antidote
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Probably does judo/karate because he has some complex due to his short height (1.70M 5'7")
NiceGuy
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China economy is going down badly now. its unemployment rate also rising. Dont know when China economy collapse, bro .
China only can produce cheap-low quality products. Its economy cant compare wt JP-German-US coz they can produce high quality-high tech products
TaiShang
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China Launches Swaps, Forwards with Russia in National Currencies / Sputnik International
China launches swaps and forwards between the yuan and the Russian ruble starting Monday.
© SPUTNIK/ ALEXANDER YURIEV
MOSCOW, December 29 (Sputnik) –According to the China Foreign Exchange Trade System (CFETS), the ruble has become the 11th currency in the yuans swaps trading.
On December 26, CFETS reported on its website that swaps and forwards trading between the yuan and national currencies of Russia, Malaysia and New Zealand would start on December 29.
Earlier in December, China's Minister of Commerce Gao Hucheng claimed that China could increase the usage of yuan in trade with Russia amid the ruble's depreciation.
"The fact that China will provide some opportunities [to Russia] to get a source of foreign currency liquidity will slow down panic [caused by the ruble depreciation] and bring the ruble closer to fundamental rates based on oil Brent price quotations and economic growth," analyst from Finam Holdings, company providing financial services, Timur Nigmatullin told Sputnik on Monday.
© AP PHOTO/ JASON DECROW
The Russian ruble plunged to a record low earlier in December amid a slump in oil prices and geopolitical tensions related to the Ukrainian crisis.
Trading in national currencies falls in line with China's intention to weaken the US dollar's dominance in global finance and promote the yuan as an alternative.
In October, the Bank of Russia and the People's Bank of China – the nations' central banks – reached a three-year agreement on currency swaps worth 150 billion yuan (over $2.4 billion).
Both the Russian and the Chinese leaders have repeatedly praised the decision, saying it would bring positive effects for the countries' economies and currencies.
The main benefits of mutual payments in national currencies are the absence of charges for the conversion of the currencies, direct payments and higher transparency in relations between the banks.
***
Ditching US dollar: China, Russia launch financial tools in local currencies
Published time: December 29, 2014 14:03 , Russia Today
A bank clerk counts Chinese yuan banknotes at a branch of Industrial and Commercial Bank of China in Huaibei (Reuters/Stringer) and Russian ruble banknotes (Reuters/Ilya Naymushin)
China and Russia have effectively switched to domestic currencies in trading using financial tools as swaps and forwards, as they seek to reduce the influence of the US dollar and foreign exchange risks.
The agreement signed in the end of October comes into force Monday, December 29, and provides a currency swap of CNY150 billion (up to US$25 billion).
READ MORE: Defying the dollar Russia & China agree currency swap worth over $20bn
The country’s Foreign Exchange Trade System will carry out similar transactions with the Malaysian ringgit and the New Zealand dollar.
From now on yuan swaps are available for 11 currencies on the foreign exchange market.
“China won’t stop yuan globalization or capital account opening because of the volatility in emerging market currencies,” Ju Wang, a senior currency strategist at HSBC Holdings Plc in Hong Kong told Bloomberg.
China has set up bilateral currency swap lines with more than 20 countries and regions since 2009, including Switzerland, Brazil, Hong Kong, Indonesia and South Korea, Xinhua News reported in July.
A swap is a financial tool to ease transactions by exchanging certain elements of a loan in one currency, like the principal or interest payments into an equivalent loan in another currency.
Currency forward is an obligation of two parties to convert an agreed amount of one currency into another by a certain date at an exchange rate specified at the moment of signing the deal.
Russia and China have long been looking for ways to cut the dollar’s role in international trade. The question is significant for China as 32 percent, or $4 trillion of its foreign exchange reserves are in US bonds, which means there is a vulnerability to fluctuations in the exchange rate.
Russia’s foreign exchange reserves are worth $398 billion, and the US dollar accounts for about $162.45 billion.
The country’s economic growth has slowed amid a standoff with Western countries over the Ukrainian conflict. After the country’s financial sector faced EU and US sanctions it became hard for Russian businesses to raise finance in the West.
Chinese authorities are particularly interested in currency swap lines with developing countries, mainly from the Asia-Pacific region. Australia, New Zealand, Brazil, Singapore, Hong Kong, Argentina, and Malaysia are actively involved in transactions with China.
China launches swaps and forwards between the yuan and the Russian ruble starting Monday.
© SPUTNIK/ ALEXANDER YURIEV
MOSCOW, December 29 (Sputnik) –According to the China Foreign Exchange Trade System (CFETS), the ruble has become the 11th currency in the yuans swaps trading.
On December 26, CFETS reported on its website that swaps and forwards trading between the yuan and national currencies of Russia, Malaysia and New Zealand would start on December 29.
Earlier in December, China's Minister of Commerce Gao Hucheng claimed that China could increase the usage of yuan in trade with Russia amid the ruble's depreciation.
"The fact that China will provide some opportunities [to Russia] to get a source of foreign currency liquidity will slow down panic [caused by the ruble depreciation] and bring the ruble closer to fundamental rates based on oil Brent price quotations and economic growth," analyst from Finam Holdings, company providing financial services, Timur Nigmatullin told Sputnik on Monday.
© AP PHOTO/ JASON DECROW
The Russian ruble plunged to a record low earlier in December amid a slump in oil prices and geopolitical tensions related to the Ukrainian crisis.
Trading in national currencies falls in line with China's intention to weaken the US dollar's dominance in global finance and promote the yuan as an alternative.
In October, the Bank of Russia and the People's Bank of China – the nations' central banks – reached a three-year agreement on currency swaps worth 150 billion yuan (over $2.4 billion).
Both the Russian and the Chinese leaders have repeatedly praised the decision, saying it would bring positive effects for the countries' economies and currencies.
The main benefits of mutual payments in national currencies are the absence of charges for the conversion of the currencies, direct payments and higher transparency in relations between the banks.
***
Ditching US dollar: China, Russia launch financial tools in local currencies
Published time: December 29, 2014 14:03 , Russia Today
A bank clerk counts Chinese yuan banknotes at a branch of Industrial and Commercial Bank of China in Huaibei (Reuters/Stringer) and Russian ruble banknotes (Reuters/Ilya Naymushin)
China and Russia have effectively switched to domestic currencies in trading using financial tools as swaps and forwards, as they seek to reduce the influence of the US dollar and foreign exchange risks.
The agreement signed in the end of October comes into force Monday, December 29, and provides a currency swap of CNY150 billion (up to US$25 billion).
READ MORE: Defying the dollar Russia & China agree currency swap worth over $20bn
The country’s Foreign Exchange Trade System will carry out similar transactions with the Malaysian ringgit and the New Zealand dollar.
From now on yuan swaps are available for 11 currencies on the foreign exchange market.
“China won’t stop yuan globalization or capital account opening because of the volatility in emerging market currencies,” Ju Wang, a senior currency strategist at HSBC Holdings Plc in Hong Kong told Bloomberg.
China has set up bilateral currency swap lines with more than 20 countries and regions since 2009, including Switzerland, Brazil, Hong Kong, Indonesia and South Korea, Xinhua News reported in July.
A swap is a financial tool to ease transactions by exchanging certain elements of a loan in one currency, like the principal or interest payments into an equivalent loan in another currency.
Currency forward is an obligation of two parties to convert an agreed amount of one currency into another by a certain date at an exchange rate specified at the moment of signing the deal.
Russia and China have long been looking for ways to cut the dollar’s role in international trade. The question is significant for China as 32 percent, or $4 trillion of its foreign exchange reserves are in US bonds, which means there is a vulnerability to fluctuations in the exchange rate.
Russia’s foreign exchange reserves are worth $398 billion, and the US dollar accounts for about $162.45 billion.
The country’s economic growth has slowed amid a standoff with Western countries over the Ukrainian conflict. After the country’s financial sector faced EU and US sanctions it became hard for Russian businesses to raise finance in the West.
Chinese authorities are particularly interested in currency swap lines with developing countries, mainly from the Asia-Pacific region. Australia, New Zealand, Brazil, Singapore, Hong Kong, Argentina, and Malaysia are actively involved in transactions with China.
opruh
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Are you describing your Vietnamese economy.
AgentOrange
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He's projecting again. As NiceGuy said, "China economy going down bro" still means that the Chinese economy is growing faster than the failed state of Vietnam.
As I mentioned before, for all his talk about fantasy scenarios of "China economy going down, China collapse", nothing is as bad as actual real life Vietnam. The one he lives in. He knows how bad his country is and he seethes with jealousy because Vietnam will never get any better. China could "economy going down" for 100 years and still be better than Vietnam is today.
NiceGuy
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Yep, our economy is also going down as the whole world economy is down now, so we dont boast abt VN economy as Chinese here.
ChineseTiger1986
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He's projecting again. As NiceGuy said, "China economy going down bro" still means that the Chinese economy is growing faster than the failed state of Vietnam.
As I mentioned before, for all his talk about fantasy scenarios of "China economy going down, China collapse", nothing is as bad as actual real life Vietnam. The one he lives in. He knows how bad his country is and he seethes with jealousy because Vietnam will never get any better. China could "economy going down" for 100 years and still be better than Vietnam is today.
China's military budget alone is more than the entire GDP of Vietnam.
Foggy_Bottom
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terranMarine
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The way you post shows you are not old enough to be a retired old geezer much less someone from the state department.Putin rocks with his photo ops. N Korea has a lot to learn from him
AgentOrange
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I'm assuming the fake state department Indian posted something inane. Just put him on ignore like I have. How pathetic does one have to be to pretend to be an ex-state department official to lend credence to his posts? Very sad. Certainly reflects badly on Indian people everywhere.
terranMarine
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The guy wants to have credentials so what better way to do it than referring himself as a retired official and sticking the official logo as his avatar. I want to have that kind of authority too by putting Xi's photo as my avatar for i am the leader of China but since i'm not affected by some polluted drinking water i'm sane enough not to embarrass myselfI'm assuming the fake state department Indian posted something inane. Just put him on ignore like I have. How pathetic does one have to be to pretend to be an ex-state department official to lend credence to his posts? Very sad. Certainly reflects badly on Indian people everywhere.
AgentOrange
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The guy wants to have credentials so what better way to do it than referring himself as a retired official and sticking the official logo as his avatar. I want to have that kind of authority too by putting Xi's photo as my avatar for i am the leader of China but since i'm not affected by some polluted drinking water i'm sane enough not to embarrass myself
I was thinking of posting a picture of the pentagon on my profile pic and then claim that I'm a retired 4 star US general with 500 confirmed hand to hand terrorist kills. My screen name would have been "4 star retired US General McAwesome". And people would have believed that I was a retired US general because my handle said so.
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