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From: wolda002@umn.edu
Date: Wed Nov 24 2010 - 23:44:47 EST
China, Russia to drop dollar in bilateral trade
HONG KONG (MarketWatch) -- China and Russia will stop using the U.S. dollar
to settle bilateral trade and instead use the ruble or the yuan, though the
move is not meant to signal a challenge to the dollar, according to reports
Wednesday. China's Premier Wen Jiabao and Russian President Vladamir Putin
made reference to the new currency trade pact late Tuesday, following
meetings in St. Petersburg that also saw the signing of bilateral trade and
energy-cooperation agreements, according to a report in the state-run China
Daily. "About trade settlement, we have decided to use our own currencies,"
Putin told reporters, according to the report. Earlier this week, China
added the ruble to the list of currencies that can be traded against the
yuan on its domestic exchange.
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