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 Post subject: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 3:50 pm 
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http://www.chinadaily.com.cn/china/2...t_11599087.htm

China, Russia quit dollar
By Su Qiang and Li Xiaokun (China Daily)
Updated: 2010-11-24 08:02


Premier Wen Jiabao shakes hands with his Russian counterpart Vladimir Putin on a visit to St. Petersburg on Tuesday.ALEXEY DRUZHININ / AFP

St. Petersburg, Russia - 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.

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," 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 made his remarks after a meeting with Wen. They also officiated at a signing ceremony for 12 documents, including energy cooperation.

The documents covered cooperation on aviation, railroad construction, customs, protecting intellectual property, culture and a joint communiqu. Details of the documents have yet to be released.

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.

Putin has called for boosting sales of natural resources - Russia's main export - to China, but price has proven to be a sticking point.

Russian Deputy Prime Minister Igor Sechin, who holds sway over Russia's energy sector, said following a meeting with Chinese representatives that Moscow and Beijing are unlikely to agree on the price of Russian gas supplies to China before the middle of next year.

Russia is looking for China to pay prices similar to those Russian gas giant Gazprom charges its European customers, but Beijing wants a discount. The two sides were about $100 per 1,000 cubic meters apart, according to Chinese officials last week.

Wen's trip follows Russian President Dmitry Medvedev's three-day visit to China in September, during which he and President Hu Jintao launched a cross-border pipeline linking the world's biggest energy producer with the largest energy consumer.

Wen said at the press conference that the partnership between Beijing and Moscow has "reached an unprecedented level" and pledged the two countries will "never become each other's enemy".

Over the past year, "our strategic cooperative partnership endured strenuous tests and reached an unprecedented level," Wen said, adding the two nations are now more confident and determined to defend their mutual interests.

"China will firmly follow the path of peaceful development and support the renaissance of Russia as a great power," he said.

"The modernization of China will not affect other countries' interests, while a solid and strong Sino-Russian relationship is in line with the fundamental interests of both countries."

Wen said Beijing is willing to boost cooperation with Moscow in Northeast Asia, Central Asia and the Asia-Pacific region, as well as in major international organizations and on mechanisms in pursuit of a "fair and reasonable new order" in international politics and the economy.

Sun Zhuangzhi, a senior researcher in Central Asian studies at the Chinese Academy of Social Sciences, said the new mode of trade settlement between China and Russia follows a global trend after the financial crisis exposed the faults of a dollar-dominated world financial system.

Pang Zhongying, who specializes in international politics at Renmin University of China, said the proposal is not challenging the dollar, but aimed at avoiding the risks the dollar represents.

Wen arrived in the northern Russian city on Monday evening for a regular meeting between Chinese and Russian heads of government.

He left St. Petersburg for Moscow late on Tuesday and is set to meet with Russian President Dmitry Medvedev on Wednesday

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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 3:55 pm 
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:arrow: viewtopic.php?f=8&t=21036&start=120


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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 4:05 pm 
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if this is true then here comes the plunge!

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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 4:08 pm 
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vision-master wrote:


Wow...looks like the web bots may have been spot on. :shock:

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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 6:50 pm 
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Last edited by Ken McClellan on Mon Jan 30, 2012 3:14 pm, edited 1 time in total.

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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 7:00 pm 
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China wont dump the dollar it is not in their best interest

Quote:
China does not see any choice but to keep buying U.S. government debt, Luo Ping, a director-general at the China Banking Regulatory Commission (CBRC), told a New York risk-managers conference on Thursday. The Financial Times quoted him as saying: “Except for U.S. Treasuries, what can you hold? Gold? You don’t hold Japanese government bonds or U.K. bonds. U.S. Treasuries are the safe-haven. For everyone, including China, it is the only option.” Even if the dollar depreciates because of Washington’s financial bailouts, he added, China has no other options.


this is an article from 2009 but nothing has changed as far as the need for China to hold us debt
Quote:
Luo is acknowledging something of an open secret. Despite occasional hints (or threats) that China might attempt to bankrupt the United States by suddenly selling all of the U.S. debt it holds, that really is not an option. China would be economically destroyed in the process, unless there was some alternative place for Beijing to invest. For a number of reasons, there is none.


Every one thinks china holds so much US debt

Quote:
After peaking at $801.5 billion, China's holdings of U.S. Treasury securities declined to $755.4 billion at the year's end, dropping the communist power into the position of second-largest holder of Treasury debt after Japan's $768.8 billion, official government data reveal.

they own 4% here is a link to a chart that show how US debt is distribute around the world

http://www.optimist123.com/.shared/imag ... 200701.gif

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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 8:03 pm 
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China, Russia quit dollar on bilateral trade

08:22, November 24, 2010
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 in St. Petersburg.

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," Putin said at a joint news conference with Wen in St. Petersburg.


http://english.peopledaily.com.cn/90001 ... 08907.html


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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 8:27 pm 
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So I guess that Ben (bremmermandrake) is shitting on his pants this thanksgiving! :wink: :lol:

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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 8:33 pm 
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key words bilateral trade, meaning two they are not dumping the dollar as a whole they are just working out a different trade deal between the two countries that is not based on the US dollar.
Must I explain every thing.

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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 9:00 pm 
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So our dollar is not going to be the World's reserve currency anymore, correct.

What Happens If The Yuan Replaces The Dollar As The Main Reserve Currency

Code:
* Global Gloom Leads to U.S. Doom:
* Inflation Inflates:
* Repatriation Risk:
* Money Costs More:
* Death By Debt:


http://www.prosperityagenda.us/node/1723


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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 9:43 pm 
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Quote:
So our dollar is not going to be the World's reserve currency anymore, correct

wrong.
They are working on a barter system the same as when you use a coupon to by something in the store it is a separate deal or agreement you make with the store if you have a coupon for 10% off does it effect the value of a dollar?
NO
If I trade you apples for oranges does that effect the dollar? again I say no
it is a side deal they are making were they will not base the out come on the dollar nothing more nothing less they have not dumped the dollar that is just the fear-mongers at it again.
If they deal with any other nation they are still dealing on the dollar based system.

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Last edited by bremmermandrake on Wed Nov 24, 2010 10:52 pm, edited 1 time in total.

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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 10:41 pm 
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Well, I guess we will find out, eh?

I'm not looking forward to $5 or $6 gal gasoline.


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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 10:48 pm 
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bremmermandrake wrote:
If they deal with any other nation they are still be dealing on the dollar based system.


We shall see Ben, but IMHO China still has the best deal since their currency remains "pegged" to the US dollar... :wink: :lol:

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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 10:50 pm 
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vision-master wrote:
Well, I guess we will find out, eh?

I'm not looking forward to $5 or $6 gal gasoline.

Then stop spreading the lies that drive up the price.
People have been saying these things since the big peak oil lie was first told, and they have done everything in their power to make it true.

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 Post subject: Re: China,Russia dump dollar.
PostPosted: Wed Nov 24, 2010 11:30 pm 
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bremmermandrake wrote:
vision-master wrote:
Well, I guess we will find out, eh?

I'm not looking forward to $5 or $6 gal gasoline.

Then stop spreading the lies that drive up the price.

So you prefer to spread the lies that drive down the price!?

bremmermandrake wrote:
People have been saying these things since the big peak oil lie was first told, and they have done everything in their power to make it true.


So, and according to Ben (the big bad wolf) here, there is a never ending supply of oil!? :shock:

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