Source: The Daily Economist
Two days after China announced they were within months of implementing their own version of SWIFT to
compete and perhaps overtake the U.S. dollar as the globally recognized
reserve currency, the West does a U-Turn and has accepted Russia as a
voting member of their financial messaging and interchange system. This
move on March 11 comes just months after the U.S. threatened the
Eurasian oil giant with being locked out of SWIFT over
the Ukraine conflict, and appears now to be an act of desperation as
the dollar becomes less and less of a factor in global trade.
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