Putin says Russia and China to reduce use of dollar in trade

[xyxmt]

start using INR before it collapses

 

[T-Rex]

https://www.dawn.com/news/1432300/putin-says-russia-and-china-to-reduce-use-of-dollar-in-trade


Putin says Russia and China to reduce use of dollar in trade


AFPSeptember 11, 2018
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Russia's President Vladimir Putin (R) shakes hands with his China's counterpart Xi Jinping during a signing ceremony following the Russian-Chinese talks on the sidelines of the Eastern Economic Forum in Vladivostok. — AFP

Russian President Vladimir Putin on Tuesday said Moscow and Beijing plan to use their own national currencies more often in trade deals as Russia's relations with the West deteriorate.

“The Russian and Chinese sides confirmed their interest in using national currencies more actively in reciprocal payments,” Putin told journalists during a press briefing with Chinese Leader Xi Jinping after talks at an economic forum in the far eastern Russian city of Vladivostok.

Putin said this would “increase the stability of banks' servicing of export and import operations while there are ongoing risks on global markets".

Russia has faced ever harsher sanctions since angering the West and Kiev by annexing Crimea in 2014 and backing separatist rebels in eastern Ukraine.





NOW WE TALKING. THIS IS HUGE!

Don't believe these dramas anymore. They whine and dine and then the same sh!t year after year.

 

[Tshering22]

I thought they have done so few years ago? Putin just need to eat the humble pie and trade using rmb as the main currency. China has every commodities Russia needs. Use rmb and exchange with Chinese goods.

And China will get Russia oil and paid them all in rmb. As simple as that.

But Russia is the energy supplier. I think a currency exchange would make it more practical so that both can trade directly with each other by holding sufficient inventory of each others' currencies. Petro-affiliated currency concept should be kicked out. It has not rationale except the force of a large standing army ready to topple one's country.

Any ideas on the decision to do a inter-BRICS currency trade? This was floated some time back at BRICS summit.

By the by Turkey, Iran an Russia have decided to do trade in their local currencies while discussing over Syria...

Erdogan might want to take it a bit slow and away from limelight. The last thing you want is forceful freedom imposed on you.

 

[Taimoor Khan]

Can't speculate on the date!!! But, one thing is certain - antagonizing Pak never goes well with the USA, be it coincidence, correlation, causality or anything else!!!!! The last time USSR was almost in the same crucible: Pak (-ve), India (+ve), Afg (war)!!!!

By the by Turkey, Iran an Russia have decided to do trade in their local currencies while discussing over Syria...

Emir Erdogen very loudly and clearly mentioned his intention of not using dollar in trade with Russia and China just few days ago and now this.

When the biggest oil/gas producer on one hand, and the biggest consumer on the other, are jointly pledging, not to use dollar, one has to be very brave to keep dollar stockpiles.

Yep, multiple times...here’s one from 2014

http://america.aljazeera.com/articles/2014/5/20/russia-china-bankdeal.html
Russia, China sign deal to bypass US dollar

Apparently they keep forgetting to do it and reannounce it from time to time...sort of like Iran who keeps announcing it EVERY year.




So many short memories here about what was said in the past.

The way I see it, piece by piece and bit by bit they are putting up a parallel system to dollar for themselves and for those who don't want to put all their eggs in American dollar baskit.


Maybe the sheeps are unware but those in inner circles and privy to the real info are getting jittery.

 

[LeGenD]

@Taimoor Khan

Bro, you are over-reading into this. Learn all about the big game in this excellent source: https://www.thebalance.com/yuan-reserve-currency-to-global-currency-3970465

These moves are in line with Chinese Yuan as a "global reserve currency" since 2015 [alongside a few others ]. Guess which organization is regulating this move? IMF.

In the world of economics, their is no such thing as cake-eating. Their is a price to pay for every adjustment. And their is lot of scare-mongering in the mix.

Do you know that a strong USD hampers progress of American manufacturing base vis-a-vis Chinese?

Chinese SUPPLY side is so strong that it continue to frustrate Americans to this day. Trump administration's trade war devalued Chinese Yuan even further - although it is negatively affecting Chinese economy as well.

With Yuan's slow transformation into a global reserve currency, Yuan's exchange value will be increasingly decided by foreign exchange markets and is most likely to appreciate accordingly. And this isn't good news for the highly competitive Chinese manufacturing base. As I pointed out earlier, their is a price to pay in this game.

Americans are becoming increasingly desperate to devalue USD because they want to stimulate their manufacturing base, but no sign so far.

IMF is at the center of this great game to make trade practices increasingly fair for the global players. So-called PETRO yuan have its drawbacks, my friend.

Another thing is the terms between two countries for trade. Do you think every country will blindly shift to Yuan for trade with China? Nope. Their are compromises to be had, and shifting from USD is not easy because it have its benefits [1]. And every country is sensitive in the aspect of safeguarding its interests in general.

[1] http://euro-dollar.com/forex-guide-welcome/eurusd-advantages-2.html

In this very thread, you can see arguments about whose currency should dominate trade between Russia and China .

No such thing as 9/11 in this case. Deep down, Americans laughing.

 

[OIO]

Russian and China need each other.

 

[Taimoor Khan]

@Taimoor Khan

Bro, you are over-reading into this. Learn all about the big game in this excellent source: https://www.thebalance.com/yuan-reserve-currency-to-global-currency-3970465

These moves are in line with Chinese Yuan as a "global reserve currency" since 2015 [alongside a few others ]. Guess which organization is regulating this move? IMF.

In the world of economics, their is no such thing as cake-eating. Their is a price to pay for every adjustment. And their is lot of scare-mongering in the mix.

Do you know that a strong USD hampers progress of American manufacturing base vis-a-vis Chinese?

Chinese SUPPLY side is so strong that it continue to frustrate Americans to this day. Trump administration's trade war devalued Chinese Yuan even further - although it is negatively affecting Chinese economy as well.

With Yuan's slow transformation into a global reserve currency, Yuan's exchange value will be increasingly decided by foreign exchange markets and is most likely to appreciate accordingly. And this isn't good news for the highly competitive Chinese manufacturing base. As I pointed out earlier, their is a price to pay in this game.

Americans are becoming increasingly desperate to devalue USD because they want to stimulate their manufacturing base, but no sign so far.

IMF is at the center of this great game to make trade practices increasingly fair for the global players. So-called PETRO yuan have its drawbacks, my friend.

Another thing is the terms between two countries for trade. Do you think every country will blindly shift to Yuan for trade with China? Nope. Their are compromises to be had, and shifting from USD is not easy because it have its benefits [1]. And every country is sensitive in the aspect of safeguarding its interests in general.

[1] http://euro-dollar.com/forex-guide-welcome/eurusd-advantages-2.html

In this very thread, you can see arguments about whose currency should dominate trade between Russia and China .

No such thing as 9/11 in this case. Deep down, Americans laughing.

Fair enough mate, but you got your dates wrong, its being going on since 2008. Robert fisk is a very well know jounrlist. Feel free to go through the article.


https://www.independent.co.uk/news/business/news/the-demise-of-the-dollar-1798175.html


The demise of the dollar
In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading



And as far as I know, China is working on its own version of SWIFT , if it has not already made it live.


The idea is not to crush the dollar but give world a parallel system of geo economics where uncle Sam will not have the sole leverage to pull the plug on any nation.

 

[master_13]

Again I agree, unless Europe under pressure from US agrees to engage with Russia, Russia has no choice but to be locked in this warm embrace with china.

Though US has come around to recognizing this reality. If US agrees to engage with Russia, then Russia might find a way out. If not, china it is. But it still won't accept rnb as currency for trade unless it gets something substantial in return and I do not know what china can offer Russia apart from cheap consumer goods.

I think you forgot china can offer trillions worth of exchangeable currency into Russia, cheap consumer goods is an afterthought and that's not what Russia is after anyway.

Yep, multiple times...here’s one from 2014

http://america.aljazeera.com/articles/2014/5/20/russia-china-bankdeal.html
Russia, China sign deal to bypass US dollar

Apparently they keep forgetting to do it and reannounce it from time to time...sort of like Iran who keeps announcing it EVERY year.




So many short memories here about what was said in the past.

why is it short memory when dollar trade has decreased, but trade in respective currencies in fact increased since 2014. You are seeing the "same" news every once in a while because Russia and China are now expanding such arrangement after seeing success in trial trade areas and they are simply announcing such expanded arrangement periodically.

 

[Globenim]

Yep, multiple times...here’s one from 2014

http://america.aljazeera.com/articles/2014/5/20/russia-china-bankdeal.html
Russia, China sign deal to bypass US dollar

Apparently they keep forgetting to do it and reannounce it from time to time...sort of like Iran who keeps announcing it EVERY year.

So many short memories here about what was said in the past.

Apparently it's just that you are illiterate, painfully unintelligent, a disingenious troll or a combination of that. Let's once again read what these articles you post actually said instead of running with the assumption the ambiguous headlines match with what you insinuate.

Russia’s second biggest financial institution, VTB, signed a deal with the Bank of China to bypass the dollar and pay each other in domestic currencies

Now let's refresh our short memories with what the new reports actually said.

The Russian and Chinese sides confirmed their interest in using national currencies more actively in reciprocal payments

Wait, that not the same announcement. They just promise steps in the same direction. There goes the gloating.

Just in case you do need the help: Announcing a step forward doesn't mean you will be already at the end once you took it and won't need or can't take another or two or however many needed to reach one. Neither is the path necessarily a constant in time. You are welcome.

 

[maximuswarrior]

Screw these Yanks wherever possible LOL Every little bit helps. Huge step by China and Russia.

 

[Super Falcon]

Im hearing alot talking its time putin and xinpin to implement it on trade more countries will join u talking shoukd be closed

 

[jamal18]

I thought they have done so few years ago? Putin just need to eat the humble pie and trade using rmb as the main currency. China has every commodities Russia needs. Use rmb and exchange with Chinese goods.

And China will get Russia oil and paid them all in rmb. As simple as that.

That's what I thought.