RT — Russia and China to open joint e-commerce platform in summer

Russian online payment system Yandex.Money is to start processing payments for China’s online platform TradeEase, which is aimed at increasing cross-border trade between the two countries.

The project is expected to have a turnover of $830,000 in the first 3 months after it starts in the summer.

The platform will be launched by China’s PayEase payment service, Bank of China, China’s Heilongjiang province and the border city of Suifenhe, Vedomosti reported on Thursday...

Why are alternative payment systems important. Because money flow is source of financial extraction (fees). So far the West, and in particular the US ("Wall Street") and UK ("the City") have dominated these flows internationally. Now that is being cut into by alternatives.

In late 2014, Russia and China agreed to switch trading settlements to local currencies to reduce dependence on the US dollar and create an alternative within the global financial system.

RT
Russia and China to open joint e-commerce platform in summer