Reply With QuoteHe's just being cheeky. What are they gonna do, switch to the Ruble? The Yuan? If there's any likely 'challenger' to the Dollar it's the Euro...
PM Putin suggests Russia, China ditch dollar in trade deals
Source:http://en.rian.ru/russia/20081028/117991229.htmlMOSCOW, October 28 (RIA Novosti) - Russian Prime Minister Vladimir Putin proposed on Tuesday that Russia and China gradually switch over to national currency payments in bilateral trade, expected to total $50 billion in 2008.
"We should consider improving the payment system for bilateral trade, including by gradually adopting a broader use of national currencies," Putin told a bilateral economic forum.
He admitted the task would be tough, but said it was necessary amid the current problems with the dollar-based global economy.
Chinese Prime Minister Wen Jiabao described strengthening bilateral relations as "strategic."
"Mutual investment by Russia and China has already exceeded $2 billion, this is a very good index," Jiabao said.
He praised the success of numerous projects, including additional construction of China's Tianwan nuclear power plant and the opening of a joint pharmaceuticals center in Moscow.
A number of large Russian companies, including state-run oil producer Rosneft and aluminum champion RusAl, are seeking to develop investment projects in China, Jiabao said.
The Chinese premier said bilateral cooperation in the helicopter industry, mechanical engineering, the energy sector, timber production and innovation sector was also showing signs of progress.
"China is a staunch supporter of Russia's accession to the WTO, but is categorically against politicizing the issue," Jiabao said.
The Russian premier invited Chinese investors to join Russian timber projects.
"We welcome both domestic and foreign investment in Russia's timber sector," Putin said. "As one of the largest consumers of our products, China could be a source of such investment."
He also offered Beijing Russia's assistance in developing a large passenger plane on the basis of Russia's experience with its wide-bodied Il-96 aircraft.
He's just being cheeky. What are they gonna do, switch to the Ruble? The Yuan? If there's any likely 'challenger' to the Dollar it's the Euro...
Anything but the dollar. When the crisis gets into its slower phase - expect to get oil&gas sold to Europe in rouble as well.
Anyway, wasnt there a thread existing about this already ?
This meeting between Putin and China's Wen JiaBao has been the main headline in all Chinese media. Yet, I could NOT find any one of them reporting on this suggestion. That just showed you how much interest the Chinese have in ditching the dollar.
Again, I challenge my Chinese friends here to find us ONE such Chinese report from the Chinese media.
For your information:Originally Posted by plato
http://www.militaryphotos.net/forums...d.php?t=144210
Don't know why it is important to find it in Chinese media.
Well, the question is why it is NOT in Chinese media. Important or not is an opinion, but not being reported in Chinese media is a FACT. FACT vs. opinion.
It doesn't matter if it is being reported in the Chinese media or not. The fact is that he mentioned it and those in power in China heard that suggestion. It is not like they are going to have a referendum on the issue.
Using US dollars is very beneficial to the US dollar and makes it a stable and valuable currency. By making an agreement where the Rouble and the Yuan are the currencies used for deals will add stability to both currencies and be beneficial to both China and Russia.
It wouldn't be enough on its own to damage the US dollar as the official international currency, but in trade deals between countries where America is not involved the only point in using US currency is its stability. A similar agreement between two countries could see other currencies becoming more widely used too.
Anyone who knows Chinese language will tell your plain lie. It was reported in Chinese media everywhere, I just did a simple google, and found tons of such reports, here is the google link: http://www.google.com/search?q=%E4%B...ient=firefox-a
In one of these articles, link http://www.nmg.xinhuanet.com/nmgwq/2...t_14659594.htm, I quote: "实际上，对中国来说，用卢布结算并非什么新鲜事，中俄两国从2005年1月1日起正式启动了中俄边贸用卢布和人民币结算 的办法。实际表明，中俄两国边境地区的企业对这种新型结算方式很感兴趣，其中用卢布结算的数额大于用人民币结算数额。此后，中俄两国中央银行增加了参与卢 布和人民币结算的各自银行(及其分支机构)数量，并要求本国有关银行在为对方银行开设代理账号时提供更便捷的服务。". It basically said yuan and ruble were officially introduced in the Sino-Russia trades on Jan 1, 2005.
Here we go again, someone caught my "plain lie". Maybe someone don't ever look at the dates on these reports. I stand on my previous claim. NOT ONE single Chinese media is reporting on this "suggestion" by Putin to China's Wen JiaBao. NOT ONE
A plain liar. See today's report http://news.sina.com.cn/w/2008-10-29...4646359s.shtml
I quote:
2008年10月29日07:26 解放日报
"事实上，这方面的务实合作已初见端倪。《联合公报》中写道：两国将在双边结算机制等方面加强合作，为中俄经贸合作参与者创造便利条件。此前，包括普京总理在内的俄方官员和学者都多次表示，以美元为主的贸易体系出现了故障，俄中两国在贸易结算中可考虑使用人民币或卢布。"
Translation:
Oct 29, 2008, 07:26, Liberation Daily:
"In fact, this cooperation has shown initial signs of a clue. 'Joint Communique' stated: the two countries will strengthen cooperation mechanism in bilateral clearing, to facilitate the participants of the Sino-Russian economic and trade cooperations. Prior to this, including Prime Minister Vladimir Putin and other Russian officials and scholars have repeatedly said that U.S. dollar-based trading system showed malfunctions, and Russia and China may consider the use of rubles and RMB in trade settlement."
So, two countries who don't even like the US is thinking about not using the Dollar anymore when they trade with each other?
My first question is why were they using the dollar to begin with, unless they don't trust each other's currency? Second, why does this matter to the US? Someone who doesn't like the US is thinking about not using their money anymore, shocking.
^dollar is de facto international currency today(with many nation pegged their currencies with us$).
and if this is true,many country may follow their trend and this makes us currencies to become 'less valuable'
Listen, I usually dont troll around other people posts and post non-thread related topics, but since I met you, its like been an itch I really cant help but to scratch.
YOU HAVE NOT proved ONE CREDIBLE CLAIM, except to claim bonking a supposed "corrupt" CCP official's daughter. Thank you for previously sharing YOUR dirty linen on the e-airwaves, dont mind if I continuously remind you of it.
Last edited by Jaegermeister + Red Bull; 10-29-2008 at 09:00 AM. Reason: God, I am such a biatch sometimes lol...
First of all, this is not about punnishing the US. Currently international trade is generally in US dollars because of its stability. For most of the period after WWII the US was the only lender. This gave the US dollar strength and stability and it became the defacto international trading currency. This has been very beneficial to the US economy. The Russians however have been spending billions to maintain the value of the Rouble, so it makes a lot of sense for them to start using it for trade deals with countries that prefer not to deal in western currencies. Changing local currencies into western currencies transfers confidence from the Yuan and the Rouble to the US dollar... This doesn't benefit the Russians or the Chinese currencies.So, two countries who don't even like the US is thinking about not using the Dollar anymore when they trade with each other?
See above.My first question is why were they using the dollar to begin with, unless they don't trust each other's currency?
The US dollar is valuable because it is the "international trading currency".Second, why does this matter to the US? Someone who doesn't like the US is thinking about not using their money anymore, shocking.
If countries stopped using it for international purchases its value would become more variable and less stable in addition to dropping quite a bit.
Thank you for showing us how to post "thread related topics". Commenting on how much interest the Chinese have in ditching the dollar is "non-thread related topics"? Ok, you win.
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