St. Petersburg, Russia - China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday.The Real Effect
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.
"About trade settlement, we have decided to use our own currencies," Putin said at a joint news conference with Wen in St. Petersburg.
Putin made his remarks after a meeting with Wen. They also officiated at a signing ceremony for 12 documents, including energy cooperation.
The documents covered cooperation on aviation, railroad construction, customs, protecting intellectual property, culture and a joint communiqu. Details of the documents have yet to be released.
Putin said one of the pacts between the two countries is about the purchase of two nuclear reactors from Russia by China's Tianwan nuclear power plant, the most advanced nuclear power complex in China.
This is what happens when you act like an imperialist nation. Your partners decide to "opt out" of dealing with your nonsense and take matters into their own hands. Of course, this is a perfectly legitimate move, it's just going to anger Washington who views itself as the hub of the world.
I would expect protests from the west in the vein of "unfair trade practices" or even accusation of currency destruction being practiced by these two. Such are the delusions you develop when you idolize your own idiocy. It's likely, if not probable that Washington will see the need to "adjust" their attitude in some fashion, but the girl beater rarely thinks ahead when his woman gets herself a better, stronger man.
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