Putin calls on China to use Rubles and Yuan for mutual Trade

Russia’s prime minister Putin calls on China to abandon the US Dollar in its trade, according to zaobao.com. He pointed out that with the global economy based on the Dollar, serious problems had emerged. According to the same article, Putin and president Medvedev are promoting the Ruble as a reserve currency and have called on domestic oil and gas businesses to use the Ruble.

Meantime, China’s trade with Russia has dropped in the third quarter, for the first time since 2000.

Russia’s business newspaper Kommersant also reports on the advertising campaign for the Ruble. According to Kommersant, Putin suggested the increased use of both Ruble and Yuan for mutual trade, after similar suggestions to Belarus and Vietnam. Komersant also states that oil is already traded in rubles on the St. Petersburg International Commodities and Raw Materials Exchange, and that international contracts with Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and, to a lesser degree, Armenia, are already frequently made in rubles.

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