Russia, China Abandon Dollar In Trade Agreement

Vlad and Jiabao do not like QE2...

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Russia and China have lifted restrictions on trade in the rubles and the yuan in a bid to boost bilateral trade and economic cooperation, following the results of a meeting between Russian Prime Minister Vladimir Putin and his Chinese counterpart Wen Jiabao on Tuesday.

• "This is a serious step forward towards creating better trade conditions and this is the result of the strengthening of our economies," Putin said.

• "Until now, under our previous agreements, we made mutual settlements exclusively in foreign currency, first of all, in U.S. dollars, and now, as the first step, trade in Russian rubles has started on the forex exchange in China and at the beginning of December trade in the yuan will begin in Moscow," Putin said.

In 2002, Russia and China started an experiment in their border areas, which allowed Russian and Chinese banks to open ruble and yuan accounts. A year later, the Bank of Russia and the People's Bank of China signed an agreement on trade in national currencies.

ST PETERSBURG, November 23 (RIA Novosti)

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Comments

[DailyBail]

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[DailyBail]

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[Cheyenne]

Umm, that's a pretty massive pair of dominoes that just toppled there, DB. Say, aren't China and Russia both buying up gold?

[DailyBail]

Foreign and Military Affairs

China, Russia quit dollar

http://www.chinadaily.com.cn/china/2010-11/24/content_11599087.htm

[DailyBail]

@cheyenne...

difficult to know for sure...there have been conflicting statements from both...but my guess is they have been net buyers of precious metals...

[j r]

Another shot in the build up to WW3. How will the bankers respond?

[DailyBail]

@jr...

with dollar short positions...

[john]

Israeli terror victims suing Bank of China for Hamas ties

http://www.jpost.com/International/Article.aspx?id=228728

[snip]

The group lawsuit, known as the “Almaliakh action” after Emil Almaliakh, an Eilat resident killed in a suicide bombing in 2007, has been filed with the assistance of the Israel Law Center (Shurat HaDin) and New York attorney Robert Tolchin.

Attorney Nitsana Darshan- Leitner of the Israel Law Center told The Jerusalem Post that Friday’s ruling is a “huge precedent” for Israeli victims of terror.

“Usually, US citizens have the right to file lawsuits in the US courts against terror organizations and organizations that sponsor terror,” said Leitner.

“In this suit, we made use of old laws that allow non-US citizens to also sue [in the US courts] in the case of terrorism.”