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November 24, 2010

Russia/China Dump Dollar in Bilateral Trade (Ben)

China Daily is reporting that China and Russia have agreed to trade in their respective currencies, the dumpling and potato vodka, rather than using the dollar.

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.

Should we expect to see more of this in the future? On the upside, at least Rusian Khlav Kalash vendor's will be able to accept yuans when China invades Siberia for its natual resources. No bowl, only stick.

Update

Just a trial balloon? Thanks to ahem in the comments


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posted by Open Blogger at 09:57 AM

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