Russia, China should dump dollar in trade - Medvedev
| Reuters »
Posted By dissent
5 months ago
in News
MOSCOW (Reuters) - Russia and China should consider switching to domestic currencies in bilateral trade without going to the dollar, Russia's president Dmitry Medvedev said in an interview with Kommersant daily published on Friday.
China has already entered similar agreements with Brazil and Belarus. The deal involves a currency swap agreement between the two countries. Trade turnover between Russia and China reached about $50 billion in 2008 and is set to increase.
"I think that we can think about such positions, for example the rouble against yuan," Medvedev was quoted by Kommersant as saying. Russia's own attempt to switch to the rouble in bilateral trade with Belarus has so far not been successful.
Leaders of Brazil, Russia, India and China, known by their BRIC acronym, are meeting in the Russian city of Yekaterinburg on June 16 to discuss the role of the dollar in the global financial system among other issues.
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dissent
we live in a culture of war.
let's make it a culture of peace.
"my country is the world. and my religion is to ...
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gamahuche5 months ago
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I would go so far as to say very, very, interesting!
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A new-world-order in trade is probably long overdue in any case but with the dolar still tanking - it dropped 7 1/2 per cent against the Czech crown, which is hardly a blue-chip currencey, in the last month or so..
Bretton Woods was a VERY long time ago. -
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