Wednesday, October 16, 2013

China and ECB sign $57bn (350 bln yuan) currency swap deal!!! Another Nail In The Coffin Of The U.S. Dollar

China and the European Central Bank have signed a currency swap agreement worth 350bn yuan ($57bn; £36bn), state-owned Xinhua news agency has said.
Such agreements mean the central banks can exchange currencies and firms can settle trade in local currencies rather than in US dollars.
The deal is one of the largest for China as it looks to build a more international role for the yuan.

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