SCO & BRICS latest news and insights
By Rhod Mackenzie
The petrodollar agreement between Saudi Arabia and the United States, signed in 1974, has now expired. This will enable Saudi Arabia to sell its oil and other goods not only in US dollars but in other currencies, according to media reports. Lets look at why the Saudis entered in...
By Rhod Mackenzie
As of 31 March 2024, the share of the yuan in cross-border payments in the PRC was 52.9%, while the US dollar accounted for 42.8%. It is evident that the currencies of China and the United States are now moving at opposite rates. The statistics clearly demonstrate the growing tre...
By Rhod Mackenzie
During their visit on 16-17 May, the heads of Russia and China identified the tasks and plans for the further development of Chinese-Russian relations and cooperation. A large number of economic initiatives and plans were announced. As Vladimir Putin stated, Moscow and Beijing ar...
By Rhod Mackenzie
The presidents of Russia and China have signalled their willingness to collaborate on a solution to the challenges posed by US sanctions on trade settlements. How can Moscow and Beijing remove the third party from trading with each other?
Following negotiations with Chinese Pres...
By Rhod Mackenzie
The Russian President Vladimir Putin noted that approximately 90% of all payments between Russia and Beijing are currently conducted in rubles and yuan. He further stated that the joint decision to transfer bilateral payments into national currencies was a timely one, and that it...
By Rhod Mackenzie
The Chinese currency, the yuan, has overtaken the Japanese yen to become the fourth most used currency in international payments via the SWIFT system. Its share of the market has reached 4.7%, almost twice as much as last year. However, the data does not take into account the Rus...
