Friday, November 26, 2010

Russia and China to give up on The Dollar in their Trade

China and Russia have decided to abandon the dollar and to use their own currencies in bilateral trade. This was reported by the Drudge Report website, quoting the China Daily. Chinese experts say the decision reflects the increasingly 'close relations between Beijing and Moscow does not aim to challenge the dollar but to protect the Russian and Chinese economies. The financial crisis has prompted Beijing and Moscow to choose an alternative currencies to their trade.