China And Russia Quit The American Dollar

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Photo: Ria Novosti

Via The China Daily:

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.

[Continues at The China Daily]

39 Comments on "China And Russia Quit The American Dollar"

  1. emperorreagan | Nov 24, 2010 at 8:45 pm |

    Why would any other country want to persist in using the currency of a fading power for their exchange?

    The move away from the dollar will continue, albeit slowly due to the considerable interests that other countries have tied up in the US.

  2. emperorreagan | Nov 24, 2010 at 4:45 pm |

    Why would any other country want to persist in using the currency of a fading power for their exchange?

    The move away from the dollar will continue, albeit slowly due to the considerable interests that other countries have tied up in the US.

  3. Worldspaceorganization | Nov 24, 2010 at 8:51 pm |

    I would like to see China and Russian cooperate in space exploration. Such a preposterous act would fuel development in their high-tech economies and open the door to a planet. The way is clear. NASA is a bureaucratic abomination and the Yanks can wallow in debt and guns while the intelligent nation’s aim higher.

  4. Worldspaceorganization | Nov 24, 2010 at 4:51 pm |

    I would like to see China and Russian cooperate in space exploration. Such a preposterous act would fuel development in their high-tech economies and open the door to a planet. The way is clear. NASA is a bureaucratic abomination and the Yanks can wallow in debt and guns while the intelligent nation’s aim higher.

    • Ironaddict06 | Nov 24, 2010 at 5:08 pm |

      Me too.

      • Hadrian999 | Nov 24, 2010 at 5:13 pm |

        i would also love this, not only would this shame nasa into actually doing something but all the right wing chatter about them building a commie death star to destroy christianity would be priceless

    • AAAARRRGGHHHH | Nov 25, 2010 at 11:45 am |

      If you knew what life was worth, you would look for yours on earth – Bob Marley

  5. Hadrian999 | Nov 24, 2010 at 9:03 pm |

    who can blame them

  6. Hadrian999 | Nov 24, 2010 at 5:03 pm |

    who can blame them

  7. Ironaddict06 | Nov 24, 2010 at 9:08 pm |

    Me too.

  8. Hadrian999 | Nov 24, 2010 at 9:13 pm |

    i would also love this, not only would this shame nasa into actually doing something but all the right wing chatter about them building a commie death star to destroy christianity would be priceless

  9. Anonymous | Nov 24, 2010 at 9:49 pm |

    So what does this exactly mean for the United States of Apathy?

  10. StillAtMyMoms | Nov 24, 2010 at 5:49 pm |

    So what does this exactly mean for the United States of Apathy?

    • This is a really big deal. The US economy is based in large part on controlling the financial channels of the world (and exporting weaponry). For example, the fact that oil is sold with US dollars around the world not only keeps the demand for dollars high, but also helps to ensure that the oil-rich nations of the world will keep relatively close relations with the US. After all, they have dollars to spend.

      Russia and China are obviously both enormous economies themselves. Now these two important world players are now setting up an agreement where they can trade without involving Washington. Its a tremendous loss of power for the US.

      • I guess we’ll have to ramp up the arms trade. Better get the CIA to work starting some coups and rebellions.

  11. This is a really big deal. The US economy is based in large part on controlling the financial channels of the world (and exporting weaponry). For example, the fact that oil is sold with US dollars around the world not only keeps the demand for dollars high, but also helps to ensure that the oil-rich nations of the world will keep relatively close relations with the US. After all, they have dollars to spend.

    Russia and China are obviously both enormous economies themselves. Now these two important world players are now setting up an agreement where they can trade without involving Washington. Its a tremendous loss of power for the US.

  12. I guess we’ll have to ramp up the arms trade. Better get the CIA to work starting some coups and rebellions.

  13. I guess we’ll have to ramp up the arms trade. Better get the CIA to work starting some coups and rebellions.

  14. Johnronson69 | Nov 25, 2010 at 7:09 am |

    But neither China or Russia are Communist.

  15. AAAARRRGGHHHH | Nov 25, 2010 at 3:45 pm |

    If you knew what life was worth, you would look for yours on earth – Bob Marley

  16. Anonymous | Nov 25, 2010 at 4:03 pm |

    Rubles and Yuan, Yuan and Rubles,
    We’ll all be eating oodles of noodles….

  17. GoodDoktorBad | Nov 25, 2010 at 12:03 pm |

    Rubles and Yuan, Yuan and Rubles,
    We’ll all be eating oodles of noodles….

  18. Hadrian999 | Nov 25, 2010 at 4:20 pm |

    reality really has no actual bearing on what right wingers chatter about

  19. Anonymous | Nov 25, 2010 at 6:30 pm |

    This is an exelent new! let’s hope that some of the rising countries take the same initiative. But in my actual case i need these dollars, they’re cheap as hell in my country :).

  20. This is an exelent new! let’s hope that some of the rising countries take the same initiative. But in my actual case i need these dollars, they’re cheap as hell in my country :).

  21. Now is only we could follow their fine example and do the same.

  22. Now if only we could follow their fine example and do the same.

  23. Abraxas Unus | Nov 27, 2010 at 1:29 am |

    America has everything it needs to be self sufficient. It should stop trading and remove itself from the rest of the world and stop helping everyone. If another country is starving or gets attacked the hell with them let them die. Entitlement programs in America should ALL stop as well . If you can’t work for your own food your weak and deserve to die.

  24. Abraxas Unus | Nov 26, 2010 at 9:29 pm |

    America has everything it needs to be self sufficient. It should stop trading and remove itself from the rest of the world and stop helping everyone. If another country is starving or gets attacked the hell with them let them die. Entitlement programs in America should ALL stop as well . If you can’t work for your own food your weak and deserve to die.

    • You mean…everything except the minerals and rare earths necessary to make cell phones, lap tops, iPhones and such keep working, thereby making our future one where this conversation couldn’t happen.

      Great in theory…not so awesome in reality/

  25. You mean…everything except the minerals and rare earths necessary to make cell phones, lap tops, iPhones and such keep working, thereby making our future one where this conversation couldn’t happen.

    Great in theory…not so awesome in reality/

  26. This will end in RUan just like the EUr.Owe
    Lets all say it together now… One World Economy…. Everyone… OWEs

    Face it.. if you ever needed to look at the price of anything, you not one of the people that matter.
    Your just a mouth to feed, thing to be contained until your ready to be f leased, sacrificed or slaughtered.
    Enjoy the IRIS all seeing Eye “Internet Recreational Isolation System”.
    Stupid humans are just meat anyway.

  27. This will end in RUan just like the EUr.Owe
    Lets all say it together now… One World Economy…. Everyone… OWEs

    Face it.. if you ever needed to look at the price of anything, you not one of the people that matter.
    Your just a mouth to feed, thing to be contained until your ready to be f leased, sacrificed or slaughtered.
    Enjoy the IRIS all seeing Eye “Internet Recreational Isolation System”.
    Stupid humans are just meat anyway.

  28. hello

  29. SuperSerial | Jan 6, 2011 at 9:11 pm |

    hello

Comments are closed.