Commodity Trade Mantra

Posts Tagged ‘VTB Group’

China Signs Non-Dollar Settlement Deal With Russia's Largest Bank

Slowly – but surely – the USD’s hegemony is being chipped away. VTB – among Russia’s largest banks – has signed a deal with Bank of China to pay each other in domestic currencies, bypassing the need for US Dollars for “investment banking, inter-bank lending, trade finance and capital-markets transactions.”

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