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Why China and Russia are struggling to abandon the US dollar and forge a yuan-rouble deal
Russia and China plan to ditch the US dollar and switch to local currencies in international trade but yet another delay to a new system for yuan-rouble settlements shows just how complex it is to develop an alternative to the greenback. Russia, China and a number of other countries are aiming to cut their dependence on the US dollar, as Washington uses access to the dollar payment system as a weapon to punish nations and individuals for breaking US laws, even outside the United States. In November, Russian Finance Minister Anton Siluanov said Moscow and Beijing were finalising a memorandum to settle more bilateral ... (full story)
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