Yuan and the ruble instead of dollar Americans with fear wondering what the outcome of the meeting of the Bank of Russia and the Peoples Bank of China These days in China holds a meeting of the Bank of Russia and the Peoples Bank of China, its conduct , Deputy Governor of the Bank of Russia Dmitry Skobelkin and NSC aide Jing Qi . At the meeting discussed cooperation project and trade finance using local currencies, as well as cooperation on bank cards, insurance and financial sector supervision. This summit very scary Americans because virtually central banks of Russia and China to discuss the issue of replacing the dollar in its calculations for the ruble and the yuan. Despite the fact that the dollar is the main reserve currency in the world, any action to transfer payments in the national currencies weaken his position, especially when it comes to large countries such as China and Russia. In addition, they show a bad example for all other countries. As a result, disastrous reign as U.S. President Obama in his country and in the international arena, all the worlds major superpower may well abandon the use of oil revenues, and thus put an end to the dollar as a reserve currency, the magazine writes Zerohedge. In recent years, China has increasingly suggests that America, releasing the worlds reserve currency, has great privileges in the global market. The dollar allows the U.S. to manipulate its currency and to dictate the rate of interest around the world, said a representative of the Chinese Academy of Social Sciences Jiang Shisyue . Now the dollar is about 60% in the international foreign exchange reserves of the world, and the Chinese themselves have made sure that it remained the number one currency. For many years, China has invested their revenue from exports to U.S. bonds, and now he owns the U.S. debt amounting to almost $ 2 trillion. Thus, China is not only the largest U.S. creditor, but also provides support for the dollar in the world. Meanwhile, the transition to payments in dollars and yuan already is under a contractual basis. Just over a month ago, Russia and China signed a long-awaited agreement on gas supplies for 30 years. For the U.S., this transaction represents a great danger, as the contract specifies that the calculations can be performed in an alternate currency, not dollars, which are calculated for gas worldwide. So instead of by such a large contract to strengthen the position of the dollar in international transactions, the countrys weakened U.S. currency. In addition, Gazprom announced plans to list on the Hong Kong Stock Exchange and the issue there bonds denominated in RMB. Perhaps, therefore, it is stored in advance of the Chinese currency for future trading. Also, Gazprom is already thinking about the issue of bonds denominated in the currencies of countries in Asia, and basically ready to receive payments from China in yuan, according to Financial Times. According to the newspaper, this is another sign that Russian companies are moving away from the dollar. Last week the head of the financial-economic department of Gazprom Andrei Kruglov said that the move will help the company attract more investors from Asia and diversify its funding sources. We see an opportunity to attract debt capital market through the issue of bonds of Asia in Chinas offshore renminbi and possibly in Singapore dollars, - said Kruglov. He added that last week the company held a listing of its American Depositary Receipts in Singapore. True, he refused to directly answer the question of whether the agreed Gazprom of payments for gas supplies to China in any currency, dollar alternative. But said: As far as payments in RMB or rubles, we are ready and we believe that it is quite normal. According to him, it will not create additional risks, but maybe cause minor transaction costs. In addition, China and Russia are creating a new rating agency, which should oust three world monopolists - S & P, Moodys and Fitch. During his visit to China on June 23, Finance Minister Anton Siluanov said that Russia and China reached an agreement on the joint creation of rating structure. Following the meeting in Beijing was officially created by the International Board of Advisors of the world rating of the corporation. And now the former prime ministers of France and Australia , Dominique de Villepin and Kevin Rudd , and many other political figures are discussing the possibility of promoting a new rating system in Asia. From all of the above, we can conclude that the introduction of U.S. and European Union sanctions different to remove Russia from Western financial markets, only strengthens relations between Moscow and Beijing and other Asian countries. Thus, the West itself cornered, as it promotes the creation of the Eurasian Strategic Alliance, which is undesirable for the United States. According to some experts, will be created if the Eurasian strategic alliance, the U.S. dollar on the Forex simply collapse. On what may turn out to central bank dollar alliance between Russia and China, SP said the ex-advisor to the Bank of Russia Sergei Ignatyev, Russian financial ombudsman Pavel Medvedev . - In fact, Americans are not afraid, because one of the parties to this alliance - Russia, economically too weak power to something like affect the dollars dominance in the global calculations. If Russia and transfers part of its needs in dollars on the yuan, it will be quite a bit. Because Russia has the worlds GDP is only about 2.5%, while the U.S. accounts 15-16%, and the same in Europe, which obviously will not move on the yuan. So I think that America is not afraid of these arrangements, they can be very useful for Russia. but affect world oil money they can not. SP: - But the principle, countries trade among themselves in national currencies, although one of them - the ruble, the weak, and the other - yuan, nonconvertible? - Can. Trade between Russia and China is quite big, and of course, funny calculated between a dollar, then to change their national currencies. This will be beneficial, but only if properly manage the transition to trade in yuan and rubles. The result will be exactly the same as in Europe, when it abandoned the local currency in favor of a single euro. Certainly not on this scale, but it will win. SP: - It is said that the agreement between Russia and China may be a bad example for other countries, which may also refuse payment in dollars between them. Is it real? - In the short term it is absolutely unreal. Perhaps this can only happen in 30-40 years, but talking about it is too early. For example, we could imagine 30 years ago that Europe will be so united? And who could then talk about the consequences of such a union? SP: - Now Gazprom issues bonds in Chinese currency. As you think, so he stored the yuan to trade with China under the agreement of central banks? - Garner yuan can begin only when the results will be visible to those agreements and size requirements of the Chinese currency. But the purchase of Gazprom is quite reasonable, because if you start building a gas pipeline to China, and, on both sides, signed the agreement on which countries, the parties will supply each other materials, equipment, labor. Then the need for RMB from Gazprom is significant, because the pipeline is worth a fortune. And much cheaper will be in the hands of Yuan. But if all this talk about the construction will not leave in the sand, as we have in Russia often. Can recall at least the creation of an international financial center, which talked and forgot. Im afraid that the 30-year contract with China - this is still just an agreement of intent, because from our side it should be spent 55 billion dollars, which from Gazprom is not there. SP: - Last week, Russia and China signed an agreement on the establishment of a rating agency. Do you think it will be able to press agencies on global financial market? - Maybe it can, but it will be a very long history. Because in order to give a rating, which would have enjoyed international financial institutions, he needs to get himself a very high rating. And when it appears on the scene, no one will know how accurate his rating. For example, recently had a story when Russian rating agencies have been Reytingovannye domestic organizations. They proreytingovali them, but the side that took these ratings, the correction factors set before their evaluation, which is not too trusting. So, to gain respect in the financial field, you need a long time to work. SP: - But the Chinese take the case seriously, for example, China is going to create an analog to the World Bank. It will frighten Americans? - It did not scare them. First, because similar nasozdavali banks in the world are many and they are dormant. And secondly, even if such a bank will be created, because China is interested in it, it will only expand credit opportunities in Asia, but not in the world. Maybe the bank just to finance construction of the pipe from Russia to China. SP: - To summarize, then supplant the dollar with the world market until you get it? - It will not work, especially in the yuan and the ruble. Besides, I think that the relationship between Russia and China in the next five years will not be able to replace the trade with European countries. This means that our economy may be a big hole, which does not allow for full trade relations with China, because there is no money to trade. svpressa.ru/economy/article/91150/
Posted on: Sun, 29 Jun 2014 16:32:37 +0000
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