Russia looks to Chinese financial plumbing to keep money flowing
It isn’t connected to the world well enough to help much
NATIONALIST BLOGGERS in China have a new fascination: global payment systems. Vladimir Putin’s attack on Ukraine, followed by Western sanctions on Russia, have prompted internet pundits to extol the virtues of the Cross-Border Interbank Payment System (CIPS), the rails on which Chinese banks transfer and clear yuan-denominated payments around the world. Some have also taken to bashing SWIFT, the Belgium-based financial messaging system that has started excluding Russian banks from international payments.
This article appeared in the Finance & economics section of the print edition under the headline “Pipe dream”
Finance & economics March 12th 2022
- Can the world cope without Russia’s huge commodity stash?
- War in Ukraine will cripple global food markets
- Russia looks to Chinese financial plumbing to keep money flowing
- Western credit markets are holding up remarkably well
- Iran’s flourishing stockmarket reflects its resilient economy
- Our crony-capitalism index offers a window into Russia’s billionaire wealth
- How oil shocks have become less shocking
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