GlassSteagallfan
29th December 2011, 10:35
Asian Countries Continuing to Develop Strategic Bloc
December 28, 2011 • 12:00PM
The insane British-led sanction fixation in the West against Iran, Syria, and others, is increasingly driving these nations and others toward the relative economic sanity prevailing in the Trans-Pacific region. Asian nations continue to build up inter-Asian structures to facilitate their continuing economic development, while the Trans-Atlantic system self-destructs.
Japanese Prime Minister Yoshihiko Noda made a state visit to Beijing over the weekend, speaking to President Hu Jintao, Premier Wen Jiabao, and other officials, where a number of financial agreements were disclosed that bring the number two and number three world economies closer together. Japan will purchase about $10 billion of Chinese State debt for the first time. China has already purchased significant amounts of Japanese debt. Japan also agreed with China on promoting direct trading of the yen and yuan without using the dollar as an intermediary currency. Today, about 60 percent of the trade requires settlement between the yuan and the yen using the dollar.
On Tuesday, Noda arrived in India for high-level talks with Prime Minister Manmohan Singh. They are expected to announce a $10 billion currency-swap arrangement, according to Japanese Finance Minister Jun Azumi, as well as other economic agreements.
India's state-owned oil companies have also proposed to circumvent increasingly nasty U.S. sanctions against third parties which do business with Iran's banks, by making arrangements with Gazprombank and other Russian banks to route payments to Iran for crude oil purchases. India began settling crude purchases in euros in 2008, when the U.S. began imposing restrictions on anyone doing business with Iran. In February 2011, Euro banks, frightened of U.S. sanctions, pulled out of such deals. Now, with the NDAA adding more U.S. sanctions, India is turning to Russia.
Source: http://www.larouchepac.com/node/20973
December 28, 2011 • 12:00PM
The insane British-led sanction fixation in the West against Iran, Syria, and others, is increasingly driving these nations and others toward the relative economic sanity prevailing in the Trans-Pacific region. Asian nations continue to build up inter-Asian structures to facilitate their continuing economic development, while the Trans-Atlantic system self-destructs.
Japanese Prime Minister Yoshihiko Noda made a state visit to Beijing over the weekend, speaking to President Hu Jintao, Premier Wen Jiabao, and other officials, where a number of financial agreements were disclosed that bring the number two and number three world economies closer together. Japan will purchase about $10 billion of Chinese State debt for the first time. China has already purchased significant amounts of Japanese debt. Japan also agreed with China on promoting direct trading of the yen and yuan without using the dollar as an intermediary currency. Today, about 60 percent of the trade requires settlement between the yuan and the yen using the dollar.
On Tuesday, Noda arrived in India for high-level talks with Prime Minister Manmohan Singh. They are expected to announce a $10 billion currency-swap arrangement, according to Japanese Finance Minister Jun Azumi, as well as other economic agreements.
India's state-owned oil companies have also proposed to circumvent increasingly nasty U.S. sanctions against third parties which do business with Iran's banks, by making arrangements with Gazprombank and other Russian banks to route payments to Iran for crude oil purchases. India began settling crude purchases in euros in 2008, when the U.S. began imposing restrictions on anyone doing business with Iran. In February 2011, Euro banks, frightened of U.S. sanctions, pulled out of such deals. Now, with the NDAA adding more U.S. sanctions, India is turning to Russia.
Source: http://www.larouchepac.com/node/20973