April 2, 2014

The World Economy Disengages From the Dollar

Gently, gently (HT: GayPatriot).

Businessweek: Bundesbank, PBOC in Pact to Turn Frankfurt Into Renminbi Hub. Xinhua:
BERLIN, March 28 (Xinhua) -- China and Germany on Friday signed a memorandum of understating (MoU) on establishing an RMB clearing and settlement mechanism in Frankfurt, moving the German city closer to becoming an offshore RMB center.

The document was inked here by China's central bank, or the People's Bank of China, and its German counterpart, the Deutsche Bundesbank, in the presence of visiting Chinese President Xi Jinping and German Chancellor Angela Merkel.
NOVO-OGARYOVO, Russia, March 27 (Reuters) - President Vladimir Putin said on Thursday that Russia would develop its own credit card system to reduce reliance on Western-based companies and soften the potential blow from U.S. and EU sanctions.

Putin voiced his support for plans described by senior officials to create a domestic-based system in response to restrictions placed on Russian banks last week by Visa and MasterCard, which are widely use by Russians.
There's a lot more to be found in non-mainstream sources whose credibility I am unsure of (which is not meant as endorsement of mainstream sourcews).

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