Posts Tagged ‘ruble’

Russia, China Will Trade In Rubles,Yuan

June 24, 2011 Comments off


Russian Central Bank

Russian Central Bank

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

Categories: China, Russia Tags: , , , ,

China Takes Giant Step Towards Making the Yuan the World’s Reserve Currency

March 3, 2011 Comments off

For years, I’ve been writing about the long-term decline of the Dollar, and the rise of the Chinese Yuan … and it’s potential to become the world’s next reserve currency.

As I pointed out in 2007, many countries have started moving out of the Dollar as the basis for international trade settlements, including:

  • Venezuela and 12 other Latin American countries as well as Cuba
  • Many other countries

In 2008, I wrote: Read more…