By Simon Black When I was a kid growing up in the early 80s, the United States was the undisputed dominant superpower in the world. The US dollar was awe-inspiring; on a trade-weighted basis, the dollar index was at an all-time high, and had never been as strong ever before… or since. And the dollar’s strength … Continue reading
Russia’s QIWI payment system is looking to become the first national crypto-currency as it looks to roll out the “bit-ruble” and enter the $3.8 billion virtual currency market by 2016, according to Russian news agency RT. QIWI, the Moscow-based payments firm, is looking to launch the new crypto-currency by 2016, however it will need several millions of dollars in … Continue reading
The BRICS grouping of emerging market nations — Brazil, Russia, India, China, and South Africa — have launched their $100 billion New Development Bank (NDB) — also known as the BRICS bank — and have signed an agreement on their $100 billion currency reserve pool — also known as the Contingent Reserve Arrangement (CRA) — ahead of the summit of SCO and BRICS being held in the Russian … Continue reading
The BRICS grouping of emerging market nations — Brazil, Russia, India, China, and South Africa — will see their own $100 billion development bank, The New Development Bank (NDB), also known as the BRICS bank, in operation by the end of 2015, South Africa’s Finance Ministry said on Friday. “The New Development Bank is expected to be operational … Continue reading
China is set to see its currency, the yuan, officially called renminbi, being added as a reserve currency this year, according to Bloomberg. A recent survey conducted by Bloomberg shows that eleven out of sixteen economists have predicted that the International Monetary Fund (IMF) will add the Chinese currency to its Special Drawing Rights (SDR) basket during … Continue reading
“The upcoming BRICs and the Shanghai Cooperation Organization (SCO) summits would unite countries for development, peace and security of the region and world, visiting Chinese Foreign Minister Wang Yi said here [Moscow] Wednesday,” Xinhuanet reports. During the meeting in Moscow with Sergei Lavrov, Russian FM, Mr Wang expressed his full support for the two summits … Continue reading
Russia is proposing an alternate to the SWIFT global interbank payment system for the BRICs (Brazil, Russia, India, China, South Africa) grouping of emerging market nations in a move which would further ramp up de-dollarization efforts and threaten the U.S. dollar’s global hegemony. The Central Bank of Russia (CBR) has called for a discussion with its peers on establishing … Continue reading
Ruble-Yuan futures are set to begin trading on the Moscow Exchange (MOEX) on March 17, RT reports on Thursday, citing Moscow Exchange Deputy Chairman Andrei Shemetov. According to Shemetov, the current number of tools offered on the Moscow Exchange that allow investors to hedge currency risks isn’t sufficient, hence why the exchange will roll out the new hedging instrument as quickly … Continue reading