Brick by brick the Russia-China axis is building their non-dollar financial system. The announcement of a neutral rating agency was one such brick. Two much larger bricks are the recent moves to set into motion the BRICS Development Bank starting with the $100 billion dollar reserve arrangement. These are direct competitors to the dollar system's infrastructure and are signs of the Russian-Chinese wooing of the rest of the world away from the USG leviathan.
The BDB will act similar to the World Bank, offering financing for development deals around the globe. The bank could end up as jackal infested as the World Bank, but at present, only has to act incorruptible early on to wound the USG. Deals for infrastructure, energy, minerals and actual production not aligned with Wall Street or DC is non-casino capitalism. No political strings attached if Xi's prior speeches about respecting the different government systems of different nations is correct. As proof, Xi and China are not forcing democracy and the progressive buffet on Africa. This BDB starts small but is expected to grow to $350 billion in a few years. Those dollar hoards will go to work in something other than ZIRP T-bills.
The contingent reserve arrangement is more like the IMF and seems to involve currency swaps. Those are important as the FED's currency swaps in 2008 are what kept Europe from imploding. Currently, Argentina is in a fight with vulture funds over debt. How appealing does this BRIC system appear right now? I left off the 'S' for South Africa because South Africa is in such poor shape that the Russians are helping with electrical projects and the Chinese are coming with money because of all of the wonderful natural resources they still need. Loans and development aid with no questions asked about domestic policies, just keep the natural resources flowing. Potential client states will still have a patron, but the patron will not be those damn yanquis!
In a well timed move with these financial infrastructure pieces, Putin and Xi are both traveling around Latin America. Putin wrote off billions in Cuban debt, and talked to Uruguay's president about construction of a deep water port. Xi visited Brazil, Venezuela, Argentina, which covers the big players and oil producers for South America. This is in the Monroe Doctrine backyard of the US, not the Middle East or Southeast Asia. It is also a receptive audience. Playing off of Uncle Sam has always benefited South American politicians in their home countries. Peron did this a bit too forcefully for Argentina decades ago. That was when the US ruled the global system at the peak of Empire. There are new rules to the game now.
Sticking it to the USG with a financial switch would be an approved jab in the eye. With the Middle East and Ukraine in flames due to US and its aligned clients meddling, leaving the USG orbit has to appear the safer choice. Be warned Latin leaders, the Ukrainians thought they could sign one economic deal and not feel the wrath. Before switching your financial patron, be sure to kick out all NGOs, US state department employees and anyone who cashes checks from George Soros.