Wednesday, December 15, 2010
They don't want our phony money...
Sidestepping the U.S. Dollar, a Russian Exchange Will Swap Rubles and Renminbi
Russia and China are poised to take a small but symbolic step in their expanding economic relationship, a move that in the long term could make the dollar less relevant to business between the two nations.
On Wednesday, a Moscow securities exchange is scheduled to open direct trading between the Chinese currency, the renminbi, and the Russian ruble. If the market develops, it could eventually cut the dollar out of a portion of Russian and Chinese trade.