Russia and China reject dollar; past Secret Meetings by World leaders call for new unified currency

St. Petersburg, Russia – Fox News Reports:

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.

“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.

China Daily is reporting that a new economic bond between Russia and China has emerged, reporting that 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,” Vladimar 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.

The yuan has now started trading against the Russian rouble in the Chinese interbank market, while the renminbi will soon be allowed to trade against the rouble in Russia, Putin said.

“That has forged an important step in bilateral trade and it is a result of the consolidated financial systems of world countries,” he said.Putin said one of the pacts between the two countries is about the purchase of two nuclear reactors from Russia by China’s Tianwan nuclear power plant, the most advanced nuclear power complex in China.

Back in 2009,The UK Independent reported the “Demise of the Dollar” not simply between Russia and China but Gulf Arabs are planning – along with China, Russia, Japan and France – to end dollar dealings for oil, moving instead to a basket of currencies including the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency planned for nations in the Gulf Co-operation Council, including Saudi Arabia, Abu Dhabi, Kuwait and Qatar.

Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme, which will mean that oil will no longer be priced in dollars.

The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.

The Wall Street Journal has called the most recent move of Russia and China, China’s increasingly assertive approach to shaping the global response to the financial crisis.

WSJ said that, China is on the offensive, backed by other emerging economies such as Russia in making clear they want a global economic order less dominated by the U.S. and other wealthy nations.

Some speculate that the rising US debt is spooking China and other nations and that the Obama administration’s move to print $600 billion to stimulate the economy is having a negative effect on the world currency market.

3 Responses to “Russia and China reject dollar; past Secret Meetings by World leaders call for new unified currency”

  1. Daniel V Sauceda Says:

    These countries can do this. It would a great thing, to stop trading in American dollars for oil. It would bring down the over inflated value of oil. Why not allow all countries the ability to buy with there own counties dollar. Allow the world market exchange to set there dollar worth at the time of purchase. Instead of allowing large nations economies to set what can be used to purshase oil or goods. Because China, and Russia don’t have much to lose. Like the rest of oil countries do. By allowing China and Russia to set the stage. Of course if the us and the rest of the world stop all trade with China and Russia. Including the use of cheap Chinese labor, And started building everything here in the US or in there own countries,their dollar would be worthless. also if we didn’t even give them the raw materials and the design for the product’s. They make and sale aboard. The rest of the world would see China’s dollar is over inflated and worthless. Than the euro and the worlds finances world restabilize. There the stone blocking the worlds flow of change and progress. Like they block there own people from change, and progress. If these countries want to jump into the beast layer. Then destruction will follow all who follow in China’s foot steps. It not very bad yet but if this happens. We will see more countries in default. These two countries want to control the worlds oil. Not to share in its wealth with the other players at the table. This will not hurt the united states but make us stronger. By forcing us back to the drawing board of success. This is what we need to bring back factories and large corporation into the US. So let’s see who wins in the long run it won’t be China or Russia.

  2. Are you crazy. Putin paid off Russia’s debt to the Rothschild’s, IMF, and Rockefeller, banking and oil crooks that have been stealing everyone’s wealth for hundreds of years. They know that the Rothschild crime organization wants to rule the world. Warburg, Rothschild and Rockefeller went as far to tell us that is their plan. I guess you do not think they mean it? The Russians and Chinese are saying no way to that crap. If America would wake up, we the people would kick out the Rothschild controlled central bank in America too. It is called the Federal Reserve Bank. Jefferson warned America against the dangers of a private organization controlling the nations money supply. Jackson kicked the central bank out of America. T. Roosevelt said no to the central bank. W. Wilson screwed us in 1913 by letting the Rothschild central bank back in to our country, and admitted he had unwittingly ruined his country. Fractional Reserve banking and lending with counterfeit money was legalized! These criminals print money out of thin air and loan it out to us at interest. Pouring fuel on the fire, the dimwit Slick Willie Clinton repealed the Glass – Steagal Act, which led to the housing bubble, and so called computer, counterfeiting of fake money called derivatives. These crooks make money off of nothing but our stupidity. Bush and Obama then bailed out the banks, not the people. The bankers got richer, the people poorer. OK, it isn’t taught to us, and that shows that the crooks control our education system too. As an example, I asked my college economics professor why we were only taught fractional reserve monetary policy, and not gold standard, Austrian economic, or Debt free monetary policy, along with Keynesian. He just gave me a bewildered look. I realized then that Judge Andrew Napalitano has it right, we are “A Nation of Sheep.”

    • the Champ Says:

      Jerry is Dead on Right..nothing more to say. Systems are in place at such a high level that most of the major players aren’t even aware of them. I’m sure that Benanke is in the dark, or at least believes he is running a legitimate operation.

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