ZeroHedge – De-Dollarization Spreads: Swiss & Chinese Central Banks Enter Swap Agreement – 26 July 2014

ZeroHedgeSubmitted by Martin Armstrong via Armstrong Economics,

The Swiss National Bank and the People’s Bank of China reached a currency swap agreement this week. While this is not a huge trend changer in the near-term, it demonstrates that our forecast for China to become the largest economy and to be the next financial capital of the world when Europe and the USA blow themselves apart with defaulting socialism is on track. This agreement will allow the two central banks to buy and sell their currencies up to a limit of 150 billion renminbi, or 21 billion Swiss francs ($23.4 billion).

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