Moscow and Beijing Join Forces to Bypass U.S. Dollar

Russia’s central bank opened its first overseas office in Beijing on Thursday, marking a small step forward in forging a Beijing-Moscow alliance to bypass the US dollar in the global monetary system.

It was part of agreements made between the two neighbours to seek stronger economic ties since the West brought in sanctions against Russia over the Ukraine crisis and the oil-price slump hit the Russian economy.

http://www.scmp.com/news/china/diplomacy-defence/article/2079648/russian-central-bank-opens-first-overseas-office