Zero Hedge: Stocks Tied To China's SWIFT Alternative Are Soaring
As the Western world still obsesses with how Russia's expulsion from SWIFT will impact the Russian economy, commodity prices and the global funding markets, a quick note on how forward looking markets are reacting.
While we wait for US cash markets to open (as futures reverse a modest bounce and trade at session lows), China's micromanaged "market" is already up and running in what so far appears a boring session where the SHCOMP is flat, but where shares tied to China’s Cross-Border Inter-Bank Payments System (CIPS) are surging after Saturday's decision by Western nations to exclude some Russian lenders from the SWIFT messaging system. Why? Because of what Bloomberg notes is growing speculation that China's CIPS could become an alternative for those banks.
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WNU Editor: China and Russia together represent almost 20% of the world's GDP. Russia joining China's SWIFT banking platform will be a huge boost for China, and will only accelerate its global rise.
3 comments:
WNU,
You are right, as long as Russia and China are 20% of the world GDP. This is not absolutely sure.
Saw this one coming a mile away. This blog predicted it as well I'm sure.
China has been trying to set up an alternative for 10 years or more and Adam is right, WNYU has covered it.
Milley and Austin should have known. There have been war games that take into account economics. Did Mlley and Austin not preside over and watch those wargames? Oh wait, Austin getting too fat, dumb and happy sitting on corporate boards to notice. All that cholesterol clogged up the arteries leading to his brain.
I don't expect Joe to have known. He was too busy sniffing hair.
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