Today's headline: CHINA, RUSSIA QUIT DOLLAR "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... [more]
Today's headline:
CHINA, RUSSIA QUIT DOLLAR
"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.
"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."
This is being sweep under the carpet today.
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Response by ericho75
over 15 years ago
Posts: 1743
Member since: Feb 2009
The dollar is starting to pick up steam on losing it's reserve status.
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Response by Riversider
over 15 years ago
Posts: 13573
Member since: Apr 2009
Funny, I came to the opposite conclusion. With Ireland's problems and the near certainty of Portugal and maybe Spain succumbing, I would expect a short term boost for the greenback.
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Response by Riversider
over 15 years ago
Posts: 13573
Member since: Apr 2009
Renminbi is pegged to the dollar, so they'll take inflation versus a rise in their exchange rate peg.
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Response by w67thstreet
over 15 years ago
Posts: 9003
Member since: Dec 2008
With north korea/Ireland. You'd be a loon to go long anything but us$d..... Oh it's coming it's coming........ Flmaoz.
The dollar is starting to pick up steam on losing it's reserve status.
Funny, I came to the opposite conclusion. With Ireland's problems and the near certainty of Portugal and maybe Spain succumbing, I would expect a short term boost for the greenback.
Renminbi is pegged to the dollar, so they'll take inflation versus a rise in their exchange rate peg.
With north korea/Ireland. You'd be a loon to go long anything but us$d..... Oh it's coming it's coming........ Flmaoz.