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Turkey to use national currencies in trade with Iran, China | Business | RIA Novosti
Yuan-ruble trade starts in Moscow’s stock exchange - Hurriyet Daily News and Economic Review
Ruble Bond Market Expanding as Belarus Prepares First Sale: Russia Credit - Bloomberg
I know the amounts are minuscule at least in the started Ruble-Yuan trade but everything starts out small. My feeling is that all these countries are trying to cut out the middle man position of the dollar as reserve for lots of reasons.
I think the Rublerization in Belarus is about 90% according to one article in trade at least and its' growing with Ukraine and Kazakhstan particularly in light of recent launches by banks to allow borrowings to be denominated in Rubles.
Turkey switching to direct exchange is also interesting some of their banks are expanding into Russia and in essence if cross banking expansion occurs there is a very much easing into a direct currency exchange cross that would be cheaper than going through the dollar in light of oil/tourism/food/material bilateral trade.
I am less concerned about the capital raises in ruble bonds because those are not intrinsic and could default etc. but the actual inter-day exchange and trade displacement of the dollar is long term it in essence in my mind reduces demand for the dollar float which allows lower rates of interest for U.S. treasury debt.
My feeling is Ruble and Lira will become more convertible if their currency pair becomes more liquid due to trade/interbanking etc...
Yuan-ruble trade starts in Moscow’s stock exchange - Hurriyet Daily News and Economic Review
Ruble Bond Market Expanding as Belarus Prepares First Sale: Russia Credit - Bloomberg
I know the amounts are minuscule at least in the started Ruble-Yuan trade but everything starts out small. My feeling is that all these countries are trying to cut out the middle man position of the dollar as reserve for lots of reasons.
I think the Rublerization in Belarus is about 90% according to one article in trade at least and its' growing with Ukraine and Kazakhstan particularly in light of recent launches by banks to allow borrowings to be denominated in Rubles.
Turkey switching to direct exchange is also interesting some of their banks are expanding into Russia and in essence if cross banking expansion occurs there is a very much easing into a direct currency exchange cross that would be cheaper than going through the dollar in light of oil/tourism/food/material bilateral trade.
I am less concerned about the capital raises in ruble bonds because those are not intrinsic and could default etc. but the actual inter-day exchange and trade displacement of the dollar is long term it in essence in my mind reduces demand for the dollar float which allows lower rates of interest for U.S. treasury debt.
My feeling is Ruble and Lira will become more convertible if their currency pair becomes more liquid due to trade/interbanking etc...