Posted on 11/23/2010 8:13:21 PM PST by autumnraine
China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.
Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies. **********
>> ASIAONE / BUSINESS / NEWS / STORY
China, Russia quit dollar Wed, Nov 24, 2010 China Daily/Asia News Network
By Su Qiang and Li Xiaokun
St. Petersburg, Russia - China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.
Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies.
Click HereClick here to find out more! "About trade settlement, we have decided to use our own currencies," Putin said at a joint news conference with Wen in St. Petersburg.
The two countries were accustomed to using other currencies, especially the dollar, for bilateral trade. Since the financial crisis, however, high-ranking officials on both sides began to explore other possibilities.
The yuan has now started trading against the Russian rouble in the Chinese interbank market, while the renminbi will soon be allowed to trade against the rouble in Russia, Putin said.
"That has forged an important step in bilateral trade and it is a result of the consolidated financial systems of world countries," he said.
Putin made his remarks after a meeting with Wen. They also officiated at a signing ceremony for 12 documents, including energy cooperation.
The documents covered cooperation on aviation, railroad construction, customs, protecting intellectual property, culture and a joint communiqu. Details of the documents have yet to be released.
Putin said one of the pacts between the two countries is about the purchase of two nuclear reactors from Russia by China's Tianwan nuclear power plant, the most advanced nuclear power complex in China.
Putin has called for boosting sales of natural resources - Russia's main export - to China, but price has proven to be a sticking point.
Russian Deputy Prime Minister Igor Sechin, who holds sway over Russia's energy sector, said following a meeting with Chinese representatives that Moscow and Beijing are unlikely to agree on the price of Russian gas supplies to China before the middle of next year.
Russia is looking for China to pay prices similar to those Russian gas giant Gazprom charges its European customers, but Beijing wants a discount. The two sides were about $100 per 1,000 cubic meters apart, according to Chinese officials last week.
Wen's trip follows Russian President Dmitry Medvedev's three-day visit to China in September, during which he and President Hu Jintao launched a cross-border pipeline linking the world's biggest energy producer with the largest energy consumer.
Wen said at the press conference that the partnership between Beijing and Moscow has "reached an unprecedented level" and pledged the two countries will "never become each other's enemy".
He is a busy bee.
The guy has done a great job weakening America.
You wouldn’t begrudge the ***hole an ice cream cone would you?
“China and Russia have decided to renounce the US dollar”
but they still love Obama. They really do!
Russia won't accept dollars from China anymore?? We were promised that if Obama got elected that the world would love us. So why are we being X-rayed at airports?
http://rianovosti.com/analysis/20081030/118047851.html
Can’t find any major media confirmation, looks like the same game as before, lots of little sources stating it, but no one really figuring that either Russia or China wants to hold the other’s currency.
Maybe it’s true this time, unlike 2007 and 2008 and 2009...
“Just maybe we need to stop giving welfare families more than what a $60,000 earning family takes home, build up our military, and stop spending more on entitlements than we have to spend.”
that plus the fact that Obama is an effeminate puss E who would rather go golfing.
My moose got loose.
I choose not to lose.
That’s not “quitting the Dollar,” by the way. China’s still taking Dollars for interest on our debt, and for the junk that we import from them. Likewise, Russia is still taking Dollars for the oil that they export to us.
Feel better?!
Anyone else have another source for this story?
I am finding nothing.
You wouldn’t begrudge the ***hole an ice cream cone would you?
________________________________________________________-
Of course not! I would love to twist it into his face.
I’ll hold him for you!
Russia, Iran, Venezuela, Sudan, and Nigeria will all be selling oil to China without use of the USD. That is about 23% of proven world reserves.
This is a multi-polar political world again.
THe winner out of this might be Qatar.
This is the OFFICIAL GOVERNMENT NEWS in China.
http://english.peopledaily.com.cn/90001/90778/90859/7208907.html
China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday in St. Petersburg.
Me niether.
Hmmm...
That’s not good.
“This a real biggie, folks.
Obama and the Democrats have spent and printed the dollar in to worthlessness as the global standard.”
Agree. Soon other countries will join them, and maybe even Europe - if they can clean up their mess first.
It was a fun ride, but I guess Ron Paul was right about the fed...(as much as I hate him).
Really, I agree.
If they want to trade with each other in their own currency, fine. We accept Canadian up north and Pesos in parts of the Mex border. The EU traded in local currency for ages.
Remember when the Yen was gonna become the new international standard?
Complicates currency speculation a bit but so what?
What are the big box store going to use to pay for their stuff? marbles?
http://en.rian.ru/business/20101123/161462980.html
Russian media now reporting.
So is everyone saying that if our own media, which we have railed on for years about covering for not only the Democrats, but the Obama nightmare, doesn’t say it, it must not be true?
Seems no one outside of russia or china is running the story.
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