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 $100 per 1,000 cubic meters apart, according to Chinese officials last week.
Wen's trip follows Russian President Dmitry Medvedev's three-day visit to China in September, during which he and President Hu Jintao launched a cross-border pipeline linking the world's biggest energy producer with the largest energy consumer.
Wen said at the press conference that the partnership between Beijing and Moscow has "reached an unprecedented level" and pledged the two countries will "never become each other's enemy".
Being picked up by other media now...
http://au.finance.yahoo.com/news/Russia-China-pledge-bigger-afp-3205566027.html?x=0
You wish you could blame Wal-Mart for U.S. fiscal and monetary policy. Unfortunately, you’d just sound stupid.
I’m not exactly sure what this means but it must not be good.
Thanks. I had checked Yahoo finance earlier.
Let me be the first to say, “Obama’s fault.”
Seen this?
This is definitely NOT good news. They are moving in for the kill now and there doesn't seem to be anyone sounding an alarm.
Just showed up on Market Watch
http://www.marketwatch.com/story/china-russia-to-drop-dollar-in-bilateral-trade-2010-11-23
Not good, not good at all.
Would you want to hold the US$ with all the debt that is attached to it?
Whether this is a violation of international trade agreements doesn’t really matter any more.
This started with the BRIC alliance as China and Russia were bartering with Russian oil and Chinese grains. This is the next logical step for them. That is to accept each others currencies.
Get use to these events as the world is forced to move away from the US$.
Way to go Barry!
You da man, dude.
May posterity forget you pretended to be our countryman.... You worthless piece of crap!
Another of O’Bummer’s triumphs!
Thanks.
I am surprised Hindustan Times didnt have it.
They normally are 24 hours ahead and cover Asia, and the USA very well.
Nice to see your post. An island of reason amid the “storm”.
There is gonna be a run on Beans, Cornmeal and Rice in my neighborhood.
Arms ... check
Ammo ... check
Food ... check
Cash ... spent on what I need
Gonna work on defensive fighting position and creature comforts all day tomorrow.
Obama .... You and Your Minions are Next on my list, you better hope that I do well on my creature comfort exercise if you plan on being booted 2012, I may get itchy before then BOZO
TT
Not surprised when the Fed continues to degrade the dollar...
Don’t see it on Drudge yet
http://www.chinadaily.com.cn/bizchina/2010-11/24/content_11600496.htm
http://www.marketwatch.com/story/china-russia-to-drop-dollar-in-bilateral-trade-2010-11-23
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