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https://www.rt.com/business/444957-eeu-share-settlement-national-currencies/
Russia-led Eurasian Union notches up major success in dumping dollar in favor of national currencies
Published time: 27 Nov, 2018 10:46
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© Getty Images
“In the first six months of the current year, the share of settlements in national currencies between the members of the EEU exceeded 70 percent,” he said prior to a visit by Russian Prime Minister Dmitry Medvedev.
“The further growth of the figure will be achieved via ensuring macroeconomic and financial stability, creating of a common financial market, and harmonization of legislative control over the financial sector,” Prikhodko added.
Read more
Ditching dollars: China seals currency swap deal with Indonesia
According to the top official, the bulk of the settlements in local currencies accounts for trade with Russia and is implemented via rubles. Opportunities for increasing the share of such settlements mainly depend on developing trade ties between the member countries of the alliance, he said.
The EEU is not the only alliance of countries willing to replace the US dollar with alternative currencies in trade. Earlier this year, the BRICS group (Brazil, Russia, India, China and South Africa) of emerging economies took steps towards increasing settlements in local currencies to avoid using the greenback.
Countries like China, Russia, Iran, Iraq, Venezuela and others are also planning to substitute the US national currency in oil trade amid deliberate policy of sanctions implemented by Washington over recent years.
The meeting of the Eurasian Intergovernmental Council is kicking off in the Belarusian capital of Minsk. The agenda of the meeting includes digital technology, cooperation in trade, industry and agriculture, energy, economic and financial policies. Participants are also set to discuss the formation of a common gas market for the union, the draft concept of the common financial market, along with other issues of supranational regulation.
Officially launched in 2015, the EEU currently includes five member states – Russia, Belarus, Armenia, Kazakhstan, Kyrgyzstan and Moldova as an observer state. Tajikistan, Uzbekistan, Mongolia, Turkmenistan, Iran, Turkey, Syria and Tunisia are reportedly planning to join the union.
For more stories on economy & finance visit RT's business section
https://www.rt.com/business/445028-trade-war-great-depression/
China warns US that trade war could escalate into ‘Great Depression & World War’
Published time: 28 Nov, 2018 05:17 Edited time: 28 Nov, 2018 05:28
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© Reuters / Lucas Jackson
Just days before Chinese and American leaders are set to meet on the sidelines of the G20 summit in Argentina, the Chinese envoy to the US issued an ominous warning against further escalation of the trade conflict that could potentially break the symbiosis of the two largest world economies, and entirely cripple global trade.
“I don’t know if people really realize the possible consequences – the impact, the negative impact – if there is such a decoupling,” Ambassador Cui Tiankai told Reuters in an interview, stressing that further escalation could recreate the dire economic conditions that once lead to World War II.
Also on rt.com Trade war with US pushes China to sweeten relations with India
“The lessons of history are still there. In the last century, we had two world wars, and in between them, the Great Depression,” the ambassador said. “I don’t think anybody should really try to have a repetition of history. These things should never happen again, so people have to act in a responsible way.”
President Donald Trump has repeatedly told reporters that tariffs on an additional $267 billion worth of Chinese goods are ready to go, should Beijing refuse to bow to US demands and stop intellectual property theft. While looking to strike a deal with China, Trump made clear on Monday that he remains firm in his commitment to close the massive trade deficit with China. If Trump decides to impose additional tariffs, the hiked taxes would apply to a total of over $517 billion of Chinese goods.
Also on rt.com Chinese investors may turn to Russian market amid escalating trade tensions with US
“The only deal that would be really acceptable to me – other than obviously we have to do something on the theft of intellectual property, right – but the only deal would be China has to open up their country to competition from the United States,” he told the Wall Street Journal on Monday. “They have to open up China to the United States. Otherwise, I don’t see a deal being made.”
The Sino-American trade conflict entered a crucial state stage in September, after tit-for-tat tariff hikes targeting in total some $260 billion of bilaterally traded goods officially came into effect. Over the last two months, the countries have been holding talks, trying to come up with a solution to fix the trade dispute. So far, all such attempts have been futile.
Trump and his Chinese counterpart, Xi Jinping are set to meet as early as Friday on the sidelines of the G-20 summit in Argentina, and are also expected to have dinner on Saturday.
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https://www.rt.com/business/444983-china-tesla-sales-plunge/
Tesla sales in China plummet 70% as Sino-US trade war drags on
Published time: 27 Nov, 2018 14:40
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© Reuters / Thomas Peter
The latest data from the industry body revealed that the US automaker sold just 211 cars in China last month, an official from the China Passenger Car Association told Reuters.
In October, the electric carmaker said the increased tariffs on auto imports were putting the company in a hard position, impacting its competitive performance in China. Tesla is currently importing all the automobiles it sells in the world’s largest car market. The Chinese government raised import duties on US vehicles to 40 percent as part of its retaliation against similar steps taken by Washington.
Also on rt.com Germany tops US as China’s leading car exporter amid mounting trade disputes
Last week, Tesla announced plans to slash prices of its electric vehicles, including the Model X and Model S, in China by 12 percent to 26 percent respectively. The step will reportedly make the cars more affordable and will help to absorb more of the hit from tariff hikes.
“We are absorbing a significant part of the tariff to help make our cars more affordable for customers in China,” the statement reads.
Earlier this month, the US electric carmaker outlined plans to build a plant in China, where the company hopes to produce up to 3,000 of its popular Model 3 sedans a week. The measure is also aimed at reducing the impact of tariffs.
The trade conflict between Beijing and Washington started in early July after US President Donald Trump imposed a 25-percent tariff on $34 billion worth of Chinese goods. In response, Chinese authorities hit an equal volume of US goods with an import tax of 25 percent. Later, Trump extended the levies to $200 billion worth of Chinese products, with Beijing responding with another $60 billion in tariffs on US goods. So far, trade negotiations between the world’s largest economies have stalled.
For more stories on economy & finance visit RT's business section
Russia-led Eurasian Union notches up major success in dumping dollar in favor of national currencies
Published time: 27 Nov, 2018 10:46
Get short URL
© Getty Images
“In the first six months of the current year, the share of settlements in national currencies between the members of the EEU exceeded 70 percent,” he said prior to a visit by Russian Prime Minister Dmitry Medvedev.
“The further growth of the figure will be achieved via ensuring macroeconomic and financial stability, creating of a common financial market, and harmonization of legislative control over the financial sector,” Prikhodko added.
Read more
Ditching dollars: China seals currency swap deal with Indonesia According to the top official, the bulk of the settlements in local currencies accounts for trade with Russia and is implemented via rubles. Opportunities for increasing the share of such settlements mainly depend on developing trade ties between the member countries of the alliance, he said.
The EEU is not the only alliance of countries willing to replace the US dollar with alternative currencies in trade. Earlier this year, the BRICS group (Brazil, Russia, India, China and South Africa) of emerging economies took steps towards increasing settlements in local currencies to avoid using the greenback.
Countries like China, Russia, Iran, Iraq, Venezuela and others are also planning to substitute the US national currency in oil trade amid deliberate policy of sanctions implemented by Washington over recent years.
The meeting of the Eurasian Intergovernmental Council is kicking off in the Belarusian capital of Minsk. The agenda of the meeting includes digital technology, cooperation in trade, industry and agriculture, energy, economic and financial policies. Participants are also set to discuss the formation of a common gas market for the union, the draft concept of the common financial market, along with other issues of supranational regulation.
Officially launched in 2015, the EEU currently includes five member states – Russia, Belarus, Armenia, Kazakhstan, Kyrgyzstan and Moldova as an observer state. Tajikistan, Uzbekistan, Mongolia, Turkmenistan, Iran, Turkey, Syria and Tunisia are reportedly planning to join the union.
For more stories on economy & finance visit RT's business section
https://www.rt.com/business/445028-trade-war-great-depression/
China warns US that trade war could escalate into ‘Great Depression & World War’
Published time: 28 Nov, 2018 05:17 Edited time: 28 Nov, 2018 05:28
Get short URL
© Reuters / Lucas Jackson
- 13
Just days before Chinese and American leaders are set to meet on the sidelines of the G20 summit in Argentina, the Chinese envoy to the US issued an ominous warning against further escalation of the trade conflict that could potentially break the symbiosis of the two largest world economies, and entirely cripple global trade.
“I don’t know if people really realize the possible consequences – the impact, the negative impact – if there is such a decoupling,” Ambassador Cui Tiankai told Reuters in an interview, stressing that further escalation could recreate the dire economic conditions that once lead to World War II.
Also on rt.com Trade war with US pushes China to sweeten relations with India
“The lessons of history are still there. In the last century, we had two world wars, and in between them, the Great Depression,” the ambassador said. “I don’t think anybody should really try to have a repetition of history. These things should never happen again, so people have to act in a responsible way.”
President Donald Trump has repeatedly told reporters that tariffs on an additional $267 billion worth of Chinese goods are ready to go, should Beijing refuse to bow to US demands and stop intellectual property theft. While looking to strike a deal with China, Trump made clear on Monday that he remains firm in his commitment to close the massive trade deficit with China. If Trump decides to impose additional tariffs, the hiked taxes would apply to a total of over $517 billion of Chinese goods.
Also on rt.com Chinese investors may turn to Russian market amid escalating trade tensions with US
“The only deal that would be really acceptable to me – other than obviously we have to do something on the theft of intellectual property, right – but the only deal would be China has to open up their country to competition from the United States,” he told the Wall Street Journal on Monday. “They have to open up China to the United States. Otherwise, I don’t see a deal being made.”
The Sino-American trade conflict entered a crucial state stage in September, after tit-for-tat tariff hikes targeting in total some $260 billion of bilaterally traded goods officially came into effect. Over the last two months, the countries have been holding talks, trying to come up with a solution to fix the trade dispute. So far, all such attempts have been futile.
Trump and his Chinese counterpart, Xi Jinping are set to meet as early as Friday on the sidelines of the G-20 summit in Argentina, and are also expected to have dinner on Saturday.
Like this story? Share it with a friend!
https://www.rt.com/business/444983-china-tesla-sales-plunge/
Tesla sales in China plummet 70% as Sino-US trade war drags on
Published time: 27 Nov, 2018 14:40
Get short URL
© Reuters / Thomas Peter
- 102
The latest data from the industry body revealed that the US automaker sold just 211 cars in China last month, an official from the China Passenger Car Association told Reuters.
In October, the electric carmaker said the increased tariffs on auto imports were putting the company in a hard position, impacting its competitive performance in China. Tesla is currently importing all the automobiles it sells in the world’s largest car market. The Chinese government raised import duties on US vehicles to 40 percent as part of its retaliation against similar steps taken by Washington.
Also on rt.com Germany tops US as China’s leading car exporter amid mounting trade disputes
Last week, Tesla announced plans to slash prices of its electric vehicles, including the Model X and Model S, in China by 12 percent to 26 percent respectively. The step will reportedly make the cars more affordable and will help to absorb more of the hit from tariff hikes.
“We are absorbing a significant part of the tariff to help make our cars more affordable for customers in China,” the statement reads.
Earlier this month, the US electric carmaker outlined plans to build a plant in China, where the company hopes to produce up to 3,000 of its popular Model 3 sedans a week. The measure is also aimed at reducing the impact of tariffs.
The trade conflict between Beijing and Washington started in early July after US President Donald Trump imposed a 25-percent tariff on $34 billion worth of Chinese goods. In response, Chinese authorities hit an equal volume of US goods with an import tax of 25 percent. Later, Trump extended the levies to $200 billion worth of Chinese products, with Beijing responding with another $60 billion in tariffs on US goods. So far, trade negotiations between the world’s largest economies have stalled.
For more stories on economy & finance visit RT's business section
