China, Russia quit dollar

This comes from a reliable publication in China. Strange that is not the way it was reported in the US or Europe yesterday. It was considered a trivial step for bringing the Yuan in greater use and maybe make it more, as the Western media articles said, market related. The Chinese did it therefore the Chinese ought to know what they did, and why they did it.

Jim

The ongoing economic war has taken it up a notch.

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.

Source: chinadaily.com.cn