Russia and China are reducing their dependence on the US dollar as a medium of exchange in bilateral trade – a development some experts say could lead to a “financial alliance” between the, as noted by the Nikkei Asian Review. Key quotes In the first quarter of 2020, the dollar’s share of trade between Russia and China fell below 50% for the first time on record. The greenback was used for only 46% of settlements between the two countries. The euro made up an all-time high of 30%, while their national currencies accounted for 24%, also a new high. Analysts at Goldman Sachs recently warned that the US dollar’s status as a reserve currency is at risk due to ballooning fiscal deficit, a potential shift in favor of inflation at the Federal Reserve amid increased geopolitical hostilities, domestic unrest, and a resurgence of coronavirus. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next China’s July Trade Balance (CNY): A big beat across all indicators FX Street 2 years Russia and China are reducing their dependence on the US dollar as a medium of exchange in bilateral trade - a development some experts say could lead to a "financial alliance" between the, as noted by the Nikkei Asian Review. Key quotes In the first quarter of 2020, the dollar's share of trade between Russia and China fell below 50% for the first time on record. The greenback was used for only 46% of settlements between the two countries. The euro made up an all-time high of 30%, while their national currencies accounted for 24%, also a new high. Analysts… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
