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China And Russia Denounce Dollar

China And Russia Denounce Dollar - China and Russia made a joint announcement: they will cease using the dollar in trading with each other.

Vladimir Putin and Wen Jiabao, the heads of the two countries delivered the message.

Russia and China will use their own currencies, ruble and Yuan.

They said this change in trade is only for bi-lateral trade between their respective countries.

The gold price did not react to the announcement.

The financial world is publically saying there will not be much of a change – in the short term.

Alex Jones’ Infowars reports: 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.

Seeking Alpha comments: Somebody is getting upset with the dollar. When more and more countries join the crowd and gradually start refusing it, the times when America was buying up the world's production with suitcases of freshly printed greenbacks will be over. And stuff will become expensive.

China And Russia Denounce Dollar
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