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Disinfo: Russia and China inflict a destructive blow to the dollar

Summary

Russia and China inflicted a destructive blow to the dollar by signing an intergovernmental agreement on payment exchanges in national currencies. Further measures, such as payment mechanisms outside the SWIFT system and standardised exchange rates, will follow in the frame of a “de-dollarisation” process initiated in 2018.

Disproof

The affirmation that the agreement between Russia and China inflicted a “destructive blow” to the dollar is part of a narrative related to the power of the dollar in international affairs, which is a critical matter for Russia due to the burden of sanctions.

This is also coincidental with comments by President Vladimir Putin on the need to rethink the role of the dollar in global trade. Russia is trying to reduce its share of dollars as currency reserves, trading them for euros, yuan, yen and gold. However, the US dollar share of global currency reserves is still above 61 per cent, while the euro is over 20 per cent. In comparison, the Chinese yuan, while rising, does not reach 2 per cent, and the Russian rouble is not considered as a reserve currency due to its volatility.

Three quarters of Russia’s international trade is performed in dollars. Almost 90 per cent of Russia-China trade is currently paid in dollars. Previous initiatives by China and Russia to integrate local currencies in their respective payment systems have failed. So, calling this agreement a “destructive blow to the dollar” is a distortion of facts.

Other examples of disinformation about the Russian economy can be seen here, here and here.

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publication/media

Sputnik Spain (Archived)
  • Reported in: Issue 157
  • DATE OF PUBLICATION: 28/06/2019
  • Language/target audience: Spanish, Castilian
  • Country: China, Russia
  • Keywords: economy, Economic difficulties

Disclaimer

Cases in the EUvsDisinfo database focus on messages in the international information space that are identified as providing a partial, distorted, or false depiction of reality and spread key pro-Kremlin messages. This does not necessarily imply, however, that a given outlet is linked to the Kremlin or editorially pro-Kremlin, or that it has intentionally sought to disinform. EUvsDisinfo publications do not represent an official EU position, as the information and opinions expressed are based on media reporting and analysis of the East Stratcom Task Force.

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