on the second half of 2017, Central Bank of the Russian Federation for a short time purchased 79 billion yuan ($12 billion). No country in the world not observed such a high rate of buying the Chinese currency. According to reports, the proportion of the yuan in the reserve assets increased almost three times from 1% to 2.8%, approaching the canadian dollar. The amount of gold yuan covers over 20% of reserve assets. On the one hand, buying yuan due to the desire to say goodbye to the dollar, on the other hand, Russia's attempt to play the game with the world economy.
Russia quickly abandons the dollar, the US concede to them their place in the Chinese oil market
Despite the fact that the Russian authorities did not disclose the reasons for the mass buying of yuan, all the talk they are about trade and economic cooperation with China. Undoubtedly, the economic threat from the USA has forced many countries to suspend their trade relations that have occurred between Russia and China. China was the biggest buyer of Russian crude oil, ahead of Europe. According to the company "Transneft", the amount of raw material sent through the pipeline to China, over one quarter increased by 43%, and amounted to about 750 thousand barrels. At that time, as the volume of oil sent to Europe fell by 19% in the first five months of this year.
The growth in agricultural trade between the two countries caused by the attempt of Russia to abandon the dollar
Russia cooperates with China not only in the field of energy. According to statistics, the volume of agricultural trade between Russia and China last year amounted to $ 4 billion. The appetite of the Chinese in relation to seafood, oilseeds and grains is encouraging Russian farmers. Until 2024 to China is planned to send products to $ 9.5 billion by the end of the year resolution on the supply of grain in China is planning to Irkutsk oblast.
Soy has always been considered the subject of U.S. exports, but this year, along with the imposition of the Chinese side, some restrictions on the import of goods from America, Russia hope to increase exports of soybeans to China. Russia's agricultural sector expects over the next few years to send to China to 10 million tons of soybeans. In addition, Russia plans to cooperate with Chinese companies to create a complex of warehouses on the far Eastern priority development areas for drying and storing soybeans. If we can successfully implement this idea, the issue of China's soybeans will be solved.
Assuming that Russia gets rid of dollars, and actively buys gold to deliver a decisive blow to the American sense of world domination, the "alternative currency" can be considered a successful way in achieving this goal. How quickly Russia came to cooperation with China in trade, will help her to avoid all kinds of misconceptions about the dollar and the confidence to go on rapprochement with China, supporting yuan.
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