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According to Su Qiang and Li Xiaokun of the China Daily, Chinese premier Wen Jiabao and his Russian counterpart Valdimir Putin met together Tuesday, November 22, 2010 in St. Petersburg, Russia and announced an agreement to use their own currencies for bilateral trade. This move was purportedly taken as a sign of closer ties between China and Russia and to protect their economies from the declining U.S. Dollar which both countries used in the past to settle bilateral trade debts.
China and Russia Pact Repudiates the U.S. Dollar
In negotiating the bilateral trade pacts between their two countries, the representatives of Russia and China agreed to use their own currencies for future trade settlement. In making this agreement, the two countries chose to move away from the U.S. dollar which both were accustomed to using for trade settlement.
According to Su and Li of China Daily, China experts said the decision to move away from the dollar should not be seen as a challenge to the U.S. currency, but merely to provide safeguards for their own respective economies.
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