Tag: China: Dollar Blow

NOVANEWS The US received a major blow to its global hegemony, and one which is sure to trigger more fighting talk from hawks in Washington. By 21st Century Wire This week it was announced that China has established a ‘payment versus payment‘ (PVP) system to clear Chinese yuan and Russian ruble transactions. The aim, we’re told, is to to “reduce risks and improve the efficiency” of its foreign exchange system. The new mechanism, which could rival the long-held monopoly of the US SWIFT inter-bank payment system (allowing for simultaneous settlement of transactions in two different currencies) was launched on Monday after receiving approval from China’s central bank, according to a statement by the country’s foreign exchange trading system. However, financial oligarchs in Wall Stre...