Moscow & Beijing Establish BRICS Monetary Transactions Framework In Gold: It All Begins
March 30, 2017
by Edward Morgan
Trading in local currencies has already started — and lays the groundwork for facilitating BRICS transactions in gold
Recent progress made in streamlining trade in local currencies has brought Moscow and Beijing closer to creating a financial architecture that could facilitate transactions in gold.
As we reported last week, Moscow and Beijing took another step towards de-dollarization with the opening of a yuan clearing bank in Russia. And earlier this month Russia’s Central Bank opened its first-ever foreign branch in Beijing to allow for better communication between Russian and Chinese financial authorities.