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Russia and China ‘close’ to replacing SWIFT — USD losing favor in the Global economy.
Moscow and Beijing are developing a system of settlements which could allow cross-border transactions without the use of the Western financial messaging system SWIFT.
Addressing the results of the “Russia and China: Cooperation in a New Era” international conference held in Moscow last week, Titov told TASS the two countries have accelerated efforts to move away from SWIFT to trade using their respective national currencies.
Russian Presidential Business Rights Commissioner Boris Titov told TASS the two countries have accelerated efforts to move away from SWIFT to trade using their respective national currencies.