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.
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.
"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.
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.
"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.
eh he. So it comes now when seeing wal you move. Trains coming at 60 force be enough to make you run. if a huricane is coming then you get out of town. China has many people people invest money in things. they just increased there coal using buildings. who sais econazis are stupid stand up. money trains make people desire money, like candy does children. eat this fruit and uyoll be like god thats why god doesnt want us to eat fruit. Do it anyway, just be certaint that it wasnt a scam.
ReplyDelete- Sam
Russia began nuking the dollar hegemony in world trade and finance ,as the international unit or dtandard of value. when Putin agreed to oil and gas contacts denomininated in Euros a few years back .
ReplyDeleteThe rest of the world particularly the emerging developing economies are developing their own financial system .
Especialy direct commodity exchanges.
Treating the fast devaluing US as it deserves.
A dead dog paper dollar ,an devaluing shadow of its former self, suitable only for a dying Ponzi economy ,populated by future impoverished Debt Peons enslaved by their fiat paper denominated past debts.
sam get off the drugs.
ReplyDeletewacko
Y'all enjoy your Holiday meals this long weekend and instead of splurging on useless trinkets, stock your pantry. The rest of the world is not on holiday and may use the US down time to their advantage. Your Christmas meal may not be as plentiful!
ReplyDelete2.33
ReplyDeleteLeave Sam alone it is you that is the 'whako".
what are you some sort of Fascist literary grammer and style critic?
True Sam may not express his ideas with literary grace like an economic academic with a Phd.
But he has the same views of money ,the mighty dollar and money printing as Benanke and the elected representatives of ordinary americans and the MSM .
"If there is a big problem with the american economy the government should just print more money for handouts "
But Sam is truly the typical representative of all truly sensible ideological sound americans and only wants to see a return of the american dream economy that americans deserve because they are americans.
Now, if Bernanke ,Greenspan,Bush and Obama say much the same thing as Sam with the fancy words of the religion of economics ,is that seen as a more acceptable style to you as literary critic?
It appears that Sam is of the "Democrat" wing of the one party system and thinks the extra money handouts should go to the poorer people in order to head off potential rioters by democrats who may throw iceblocks at the cars of the rich bankers, as another method of bringing forward economic recovery.
This view of Sams seems to annoys anti-democrat Republicans supporters of the money printers that think the extra money should go directly to the banksters and the better off that still have jobs or a small business in the traditional bi-partisan American way.
The first American theory of money printing recovery for creating more debts to solve exessive debt problems by concencus of all is actualy no better solution or more sensible than Sams great version or theory of a printing press + an iceblock led economic recovery.
But because Sam does not have academic good grammer writing style. He appears to be a little drunk from being under the influence of the entitlement teas of the tea partiers on drugs to you.
This view of Sams ,it seems annoys the supporters of some of the Republicans on this website who only beleive in the power of the dollars created out of fresh air as debts by the printing press, but not in the power of iceblocks whose values tend to melt into air too.
Down with Bernanke! Sam for Treasurer .
And take that you Fascist anti -democrat academic Republican literary whacko critic!