Russia Moves Away from Dollar, Embraces Chinese Currency!

Socio-Economics History Blog

Source: http://whatreallyhappened.com/ Source: http://whatreallyhappened.com/

  • Russia moves away from dollar, embraces Chinese currency! 
    by http://www.upi.com/ 
    MOSCOW, Nov. 14 (UPI) — Russian President Vladimir Putin said Friday his country was deliberately moving away from using the U.S. dollar for international trade.

    He told the Russian news agency Tass, in an interview, Russian oil sold to China will be paid for in renminbi, the Chinese currency, part of a trend by Russian companies to denominate imports and exports in renminbi or rubles, and not U.S. dollars.

    “We’re moving away from the diktat of the market that denominates all the commercial oil flows in U.S. dollars,” Putin said.

    Direct transactions between the Russian and Chinese currencies amounted to $5.2 billion in October, up from $307 million in September, the Chinese central bank’s China Foreign Exchange Trading System reported.

    “Volumes are picking up as both countries aren’t against using their own currencies…

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