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Russia, China sign deal to switch to trade in rubles, yuan

NIZHNY NOVGOROD, Russia, June 23 (RIA Novosti)

Russia and China will switch to trade in rubles and yuan to boost bilateral trade and economic cooperation, following an agreement signed between the central banks of both countries, Russian Central Bank Deputy Chairman Viktor Melnikov said on Thursday.

"This agreement allows for settlements through Russian and Chinese banks not only in the freely convertible currencies but also in the yuan and the ruble," Melnikov said.

Russia and China have also agreed to boost bilateral trade from $60 billiion in 2010 to $100 billion by 2015 and to $200 billion by 2020, Melnikov said.

People's Bank of China Deputy Chairman Ma Delun said the agreement would give the two nations the opportunity to increase the value of deals in their national currencies and "help bring them closer to international reserve currencies."

The deal will also help Russia and China reduce foreign exchange risks and currency conversion costs, Ma and Melnikov said.

You don't think they're getting nervous about having to deal in USD's do you? :rolleyes:
 

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RockyMountainCanadian
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The chinese have probably figured out that with a large segment of the US' population struggling finacially the the market for their "cheap" goods is drying up and want to have better buying power for them selves. Profit has out weighed the big picture for far too long and the aftermath won't be pretty :cry:
 

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Russia and China are on their way up. We are on the way down. The people in the U.S. have already bought just about all the junk they can. Russia and China have a young population that hasn't had the same chance we have had to buy junk.
They are only going to where the market is and will be for a long time.
 

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Seeking The Truth
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Russia and China are on their way up. We are on the way down. The people in the U.S. have already bought just about all the junk they can. Russia and China have a young population that hasn't had the same chance we have had to buy junk.
They are only going to where the market is and will be for a long time.
Don't foret India is also growing economically.Parts of Africa were doing better too until obombs murdred most of the moderates in Egypt and Libya and turned it over to Muslim Brotherhoods.Now it twickling down into more civilized parts of Africa.Christians and jews are being run off or massacred.

Pakistan is also chumming up to China and Russia,we need to give them a few more trillions to help them buy weapons to use against us.
confused:
 
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