By 2018 China will be Russian energy’s biggest customer, along with huge trade volume between the two states. So it makes sense for Russia to take advantage of the China’s Union Pay system, Chinese expert, Andrew Leung, told RT.
Police in Hong Kong are searching through a landfill site after cleaners allegedly tossed a multi-million dollar painting in the trash. The ink-wash painting ‘Snowy Mountain’ had been auctioned off the day before for US$3.7 million.
The Chinese economy continues to cool, and the World Bank has lowered its 2014 forecast to 7.6 percent growth, down from an earlier 7.7 percent. The global recovery remains shaky as 2014 kicks off with a “bumpy start”.
The head of VTB Bank has urged Russia to start transitioning to ruble payments with all its trading partners, including China and Western Europe, adding that export companies should lead the way in adopting the change.
The Swiss regulator has become the first to confirm it had uncovered illegal currency rate rigging. The WEKO watchdog put eight banks under scrutiny over rigging of the benchmark Forex market rates, where an estimated $5.3 trillion changes hands daily.
Bank Rossiya which was blocked last week by Visa and MasterCard says it will limit its operations to the domestic market and stick to the ruble. The bank wants to protect its clients against any possible "unfair action" by foreign financial institutions.