China, Russia quit Dollar : Beginning of end of Dollar

十一月 24, 2010 at 09:25 | 張貼於china finance, 美元, economy USA, Russia | 發表留言

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 Here “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.

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