MOSCOW–The Kremlin has been careful to dismiss claims that Britain’s vote to leave the European Union came as a development largely beneficial for Russia. Yet despite the official denials, the upcoming European disorder sparked by the UK leaving the EU appears to come as a boost to Russia’s plans of increased Eurasian integration.
Russian President Vladimir Putin has rejected allegations by British Prime Minister David Cameron that Russia would welcome Brexit. “The British people have decided to leave the European Union. We never interfered in this process,” Putin said on June 24.
Putin made these remarks on the sidelines of the summit meeting of the Shanghai Cooperation Organization (SCO). The meeting in Tashkent, Uzbekistan on June 23-24 finalized entry of India and Pakistan into the organization that currently includes Russia, China, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. The SCO summit confirmed the grouping’s long-term vision by approving its strategic development blueprint through 2025. Continue reading
China’s growing success in internationalizing the RMB has both political and economic implications.
A Bank of International Settlements survey released on September 5 reveals that the renminbi (RMB) is now among the 10 most actively traded currencies in the world. This comes on the back of China’s recent draft plans to allow full convertibility of the RMB within the newly approved Shanghai Free Trade Zone (FTZ). Both events are intricately linked and are linked to deeper plans by the Chinese government to both internationalize the RMB and consolidate its influence and standing in global financial markets. This suggests that China’s global integration is no longer limited to trade, but is fast spilling over into the realm of finance. Continue reading