Russia, China Prepare To Dump Dollar, Agree To Bilateral Trade In National Currencies | Zero Hedge

KW: Interesting to read that Russian Prime Minister Medvedev now says that it is good thing having U.S sanctions imposed as it is forcing them to do something they should have done 10 years ago!!!

RT reports:- Russia and China took another step away from the US dollar after the two countries agreed to develop bilateral trade using the ruble and the yuan.

It was just one of the major deals reached after the presidents of the two countries, Vladimir Putin and Xi Jinping, held talks in Moscow on Wednesday.

“Russia and China intend to develop the practice of settlements in national currencies,” Putin told journalists at the news conference following the talks. He added that the states have signed intergovernmental agreements on expanding the use of the yuan and the ruble in bilateral financial operations.

A draft government decree on the national currencies trade was released earlier during the day. The document stipulates that Moscow and Beijing will cooperate on development of national payment systems, as well as facilitate cross-border payments in national and other currencies.

“No one currency should dominate the market…”

Source: Russia, China Prepare To Dump Dollar, Agree To Bilateral Trade In National Currencies | Zero Hedge

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