It is still very interesting how in the articles they still compare values in dollars and not in yuan or rubles, for examples,
“According to a Spiegel Online article, Russia made at least 20 billion dollars’ worth of profit with this little gambit alone, plus she repatriated about 30% of foreign-held Russian petroleum shares.”
“It just fell to below US$ 50 / barrel, less than half of what it was in June 2014 (US$ 105 – WTI Crude).”
Also the IMF only did “International Monetary Fund have voted to admit the yuan”
I still do not see how the yuan will stay valuable without sales in the U. S. of there products. The U. S. purchase of Chinese products is more the 50% of what China produces. If the U. S. dollar collapses so will the yuan.
The economy of China is not doing so good right now and so is Russia. U. S. dollar collapses so will the Chinese economy. Russia will still get hit hard but not as hard as China.
What the Chinese are trying to do with the BRICS is to not be sooo dependent on the U. S. dollar, so is Russia. But I do not think that the dollar will collapse because of this. The dollar will collapse because of the total debt of the nation. The the new oil reserves in the U. S. and now that Israel found a oil reserve that maybe as large as the Saudi Arabia oil reserve that would mean no way for the dollar to end it’s value on oil for 100 years or more.
But still the undoing of the dollar is not China or the oil but the national debt. It is not 18 trillion but 100’s of trillions when you add all liabilities.