De-Dollarization Du Jour: Russia's Largest Bank Issues Yuan-Denominated Guarantees

In yet another sign that Russia and China are set to work together to extricate themselves from a dependence on the dollar specifically and on Western financial institutions more generally, Russia’s largest bank has, for the first time, extended yuan-denominated letters of credit in concert with the Chinese Export-Import bank .... http://www.zerohedge.com