RI... Russia's largest, state-owned bank Sberbank announced on Thursday its Swiss subsidiary had begun trading physical gold on the Shanghai Gold Exchange.
Reuters reports:
Sberbank was granted international membership of the Shanghai exchange in September last year and in July completed a pilot transaction with 200 kg of gold kilobars sold to local financial institutions, the bank said.
Sberbank plans to expand its presence on the Chinese precious metals market and anticipates total delivery of 5-6 tonnes of gold to China in the remaining months of 2017.
Gold bars will be delivered directly to the official importers in China as well as through the exchange, Sberbank said.
Russia's second-largest bank VTB is also a member of the Shanghai Gold Exchange.
Russian officials have repeatedly signaled their desire to conduct transactions with China using gold.
According to Sputnik, progress made in promoting bilateral trade in yuan is the first step towards an even more ambitiouns plan—using gold to make transactions:
One measure under consideration is the joint organization of trade in gold. In recent years, China and Russia have been the world's most active buyers of the precious metal.
On a visit to China last year, deputy head of the Russian Central Bank Sergey Shvetsov said that the two countries want to facilitate more transactions in gold between the two countries.
advertisement In April, Sberbank expressed interest in financing the direct import of gold to India—also a BRICS member.
As we've previously reported, a BRICS gold marketplace could be used to bypass the dollar in bilateral trade.
Poster Comment:
Seems silly in a cyber age to be carting about a speculative commodity. Nations should conduct trade in their own currencies in order to have a better handle on their economies. Gold should be used in manufacturing or other areas where the metal is the best choice.
John Tosh • Ladies and Gentlemen. Here is the future. My advice to the CIA and Neocons rather than fight a tide or a tsunami, look at ways America can profit from this. For example, the devaluation of the US Dollar would enable debts to be paid off with cheap devalued Dollars. I am talking about a 1:1000 devaluation. Labor becomes cheap in the USA, productivity increases because the cost of doing business decreases Social programs become affordable due to massively devalued Dollars Import becomes too expensive so Americans buy made in the USA which becomes the new Walmart. Social stupidity goes away with hardship. One of the reasons people do drugs in the USA is because they can afford it hence the poverty would cause people to spend money on food and living rather than spending money on vice. The USA will no longer have free money for wars and regime changes all over the world in devalued Dollars. It will cost Trillions to wage war so every new war would have to have real justification unlike now. I know the CIA is too pig headed to listen to advice but you can rebuild the USA in another 30 years if you go with the flow.+5
Kjell Hasthi John Tosh • - For example, the devaluation of the US Dollar would enable debts to be paid off All debt will evaporate by hyperinflation. Debt-ridden Americans will now start to own their own houses. That is the future - So how much do you pay in rent? - Nothing But some profession is needed. Farming is a good profession. +4
Astrid Watanabe Kjell Hasthi • ".......Farming is a good profession." Just plain old subsistence farming, Masanobu Fukuoka style, or any natural farming without chemicals. Respect your earthworms!