Over the past week it was revealed that China is gradually dumping billions of dollars in US treasuries.
Truth be told though, China isn’t the only country interested in unhinging itself from the dollar system. The global currency war has begun in earnest, and now Russia is getting in on the action.
Putin recently announced that he was drafting a bill that would remove the dollar and the euro from trade agreements between Russia’s closest trading partners in the CIS.
The CIS is a regional association of former Soviet States, which includes Russia, Armenia, Belarus, Kazakhistan, Uzbekistan, Tajikistan, Moldova, Kyrgyzstan, and Azerbaijan.
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