Russia says that the U.S. Dollar won't be the international reserve currency much longer When China buys oil from Iran, for example, it pays in U.S. dollars. but China, Russia and everyone Russia, China and Iran are currently pursuing currency swap agreements to eliminate the US dollar from trade. One of the world's biggest crude importers, China, has also announced the launch of the petro-yuan to replace the greenback in oil transactions.

28 Mar 2018 The launch of the petro-yuan now allows Moscow and Beijing to use national currencies instead. China and Russia are actively reducing  HONG KONG/BEIJING (Reuters) - China is taking its first steps towards paying for imported crude oil in yuan instead of the U.S. dollar, three people with knowledge of the matter told Reuters, a key development in Beijing’s efforts to establish its currency internationally. Moreover, as this policy extends to Russian exports of oil and natural gas to China, it threatens the global petro-currency status of the U.S. dollar. According to the International Energy Agency, China is already the largest consumer of energy, although the U.S. is still the largest consumer of oil. Lavrov said Russia already uses local currencies in trade with China and Iran and that a number of other countries are also thinking about doing the same. China has been active in setting up trade deals in its own currency, the renminbi.

15 Nov 2018 Already China-Russian oil contracts are largely denominated in yuan, while Iran, Iraq, Of course these all represent bilateral trade deals; there is no for oil, but indeed it made the Chinese yuan its second currency in 2015, 

HONG KONG/BEIJING (Reuters) - China is taking its first steps towards paying for imported crude oil in yuan instead of the U.S. dollar, three people with knowledge of the matter told Reuters, a key development in Beijing’s efforts to establish its currency internationally. Moreover, as this policy extends to Russian exports of oil and natural gas to China, it threatens the global petro-currency status of the U.S. dollar. According to the International Energy Agency, China is already the largest consumer of energy, although the U.S. is still the largest consumer of oil. Lavrov said Russia already uses local currencies in trade with China and Iran and that a number of other countries are also thinking about doing the same. China has been active in setting up trade deals in its own currency, the renminbi. Leave a comment. Russia has dropped the dollar for payments for its oil exports in 2014. Angered by the US sanctions, the Russians began undermining the petrodollar by settling more oil contracts in Asian currencies, especially the Chinese yuan, the Hong Kong dollar and Singapore dollar. The petro-yuan would save China the cost of exchanging dollars, the main global currency used in oil trade. It would also increase the use of the Chinese national currency in global financial trade, challenging the greenback. China’s share of Russia’s international trade increased to 15 per cent last year from 11 per cent in 2013, largely reflecting increased purchases of oil and gas, according to Dmitry Dolgin

19 Apr 2018 On March 26, China launched crude oil futures contracts priced in renminbi (RMB ) on the Shanghai International Energy Exchange.

1 day ago All member states will sign a roadmap for trade and investment in national currencies between member states. Russia has issued the agenda for 

However, when Russia and China agreed on their bilateral US$400 billion pipeline deal, China wished to, and did, pay for the pipeline with yuan treasury bonds, and then later for Russian oil in yuan. This evasion of, and unprecedented breakaway from, the reign of the US dollar monetary system is taking many forms, but one of the most threatening is the Russians trading Chinese yuan for gold.

21 May 2014 Experts warn that deal is likely to increase cost of gas in Europe and add to pressure to find alternative sources of fuel. 19 Apr 2018 On March 26, China launched crude oil futures contracts priced in renminbi (RMB ) on the Shanghai International Energy Exchange. 25 Apr 2017 A currency swap agreement between Russia and China seemed to be The only Russian commodity China is really interested in is oil, but 

21 May 2014 Experts warn that deal is likely to increase cost of gas in Europe and add to pressure to find alternative sources of fuel.

Moreover, as this policy extends to Russian exports of oil and natural gas to China, it threatens the global petro-currency status of the U.S. dollar. According to the International Energy Agency, China is already the largest consumer of energy, although the U.S. is still the largest consumer of oil. Lavrov said Russia already uses local currencies in trade with China and Iran and that a number of other countries are also thinking about doing the same. China has been active in setting up trade deals in its own currency, the renminbi. Leave a comment. Russia has dropped the dollar for payments for its oil exports in 2014. Angered by the US sanctions, the Russians began undermining the petrodollar by settling more oil contracts in Asian currencies, especially the Chinese yuan, the Hong Kong dollar and Singapore dollar.

China’s share of Russia’s international trade increased to 15 per cent last year from 11 per cent in 2013, largely reflecting increased purchases of oil and gas, according to Dmitry Dolgin Analysts say that since China is the world’s largest oil importer, the move could deal a major blow to the global influence of the United States dollar. The contract would allow oil exporting nations such as Russia, Iran and Venezuela to conduct sales in yuan, instead of in U.S. dollars, and to then change the yuan into gold on both the Hong Kong and Shanghai exchanges. In a symbolic blow to U.S. global financial hegemony, Russia and China took a small step toward undercutting the domination of the U.S. dollar as the international reserve currency on Tuesday when China and Russia signed a three-year currency-swap line of 150 billion yuan ($24 billion) in October, an agreement that can be expanded with the consent of both parties. The People’s Bank of