Chinese Banks Urged To Switch From SWIFT And Drop USD In Anticipation Of US Sanctions
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China launched the CIPS clearing and settlement services system in 2015 as its alternative to SWIFT and in hopes to internationalise use of the yuan. So far, uptake has been negligible: supervised by the central bank, CIPS said it processed a mere 135.7 billion yuan ($19.4 billion) a day in 2019, with participation from 96 countries and regions.
The BOC also recommended that China develop legislation similar to the European Union's Blocking Statute, which allowed the EU to sustain trade and economic relations with Iran, a country targeted by U.S. sanctions, although as has emerged in the past two years, Europe's attempt to launch its own SWIFT-equivalent via Instex has been a failure, as virtually nobody is willing to risk alienation from the US Dollar by endorsing a European alternative. In fact, only when push comes to shove, and correspondent nations have no choice but to launch their own non-dollar transfer systems, will SWIFT's supremacy finally be but to the test... as will the reserve status of the dollar.
Finally, confirming that this time China will have no choice but to proceed with "Plan B", the SCMP reported overnight that the top adviser to Hong Kong’s leader, Carrie Lam, confirmed that his account at a US bank was closed earlier this year, as a result of Washington’s push to sanction Chinese and local officials over the city’s national security law.
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https://www.zerohedge.com/mark…anticipation-us-sanctions
https://www.rt.com/business/496513-china-banks-us-sanctions/
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Bye Bye Benjamin! Russia & China speed up de-dollarization process: most trade no longer conducted in greenbacks
After years of talking about abandoning the US dollar, Russia and China are doing it for real. In the first quarter of 2020, the share of the dollar in trade between the countries fell below 50 percent for the first time.
To give an indication of the scale of the adjustment, just four years ago the greenback accounted for over 90 percent of their currency settlements.
According to Moscow daily Izvestia, the share has dropped to 46 percent, tumbling from 75 percent in 2018. The 54 percent of non-dollar trade is made up of Chinese yuan (17 percent), the euro (30 percent), and the Russian ruble (7 percent).
In January, Russian Foreign Minister Sergey Lavrov explained that Moscow is continuing "its policy aimed at gradual de-dollarization" and is looking to make deals in local currencies, where possible.
Lavrov called the rejection of the greenback "an objective response to the unpredictability of US economic policy and the outright abuse by Washington of the dollar's status as a world reserve currency."
Movement away from the dollar can also be seen in Russia's trade with other parts of the world, such as the European Union. Since 2016, trade between Moscow and the bloc has been mainly in Euros, with its current share sitting at 46 percent.
https://www.rt.com/business/496513-china-banks-us-sanctions/
die de-dollarisation läuft mit hochgeschwindigkeit. dementsprechend sind auch "milk-shake" & "swap-line" theorien für mich nicht zutreffend.
[Blockierte Grafik: https://i.ibb.co/jfw2Jx9/dollar-index.png]
bg bh