Putin says Russia and China to reduce use of dollar in trade

[Taimoor Khan]

https://www.dawn.com/news/1432300/putin-says-russia-and-china-to-reduce-use-of-dollar-in-trade


Putin says Russia and China to reduce use of dollar in trade


AFPSeptember 11, 2018
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Russia's President Vladimir Putin (R) shakes hands with his China's counterpart Xi Jinping during a signing ceremony following the Russian-Chinese talks on the sidelines of the Eastern Economic Forum in Vladivostok. — AFP

Russian President Vladimir Putin on Tuesday said Moscow and Beijing plan to use their own national currencies more often in trade deals as Russia's relations with the West deteriorate.

“The Russian and Chinese sides confirmed their interest in using national currencies more actively in reciprocal payments,” Putin told journalists during a press briefing with Chinese Leader Xi Jinping after talks at an economic forum in the far eastern Russian city of Vladivostok.

Putin said this would “increase the stability of banks' servicing of export and import operations while there are ongoing risks on global markets".

Russia has faced ever harsher sanctions since angering the West and Kiev by annexing Crimea in 2014 and backing separatist rebels in eastern Ukraine.





NOW WE TALKING. THIS IS HUGE!

 

[Beast]

I thought they have done so few years ago? Putin just need to eat the humble pie and trade using rmb as the main currency. China has every commodities Russia needs. Use rmb and exchange with Chinese goods.

And China will get Russia oil and paid them all in rmb. As simple as that.

 

[Shankranthi]

I thought they have done so few years ago? Putin just need to eat the humble pie and trade using rmb as the main currency. China has every commodities Russia needs. Use rmb and exchange with Chinese goods.

And China will get Russia oil and paid them all in rmb. As simple as that.

If Russia has the Oil , shouldn't Rouble be the common currency ?

 

[Beast]

If Russia has the Oil , shouldn't Rouble be the common currency ?

Nobody wants ruble. That is the thing.... Russian accept rmb and trade for China products. China produced most of the world commodities. Washing machine, computer, smartphone, toys, clothes.....

Aliexpress of alibaba group with largest customer based from Russia more or less tells you something.

 

[Taimoor Khan]

Right bang on 9/11.

Did they choose the date deliberately? This is no less significant then those planes crashing into twin towers.

Nobody wants ruble. That is the thing.... Russian accept rmb and trade for China products. China produced most of the world commodities. Washing machine, computer, smartphone, toys, clothes.....

Aliexpress of alibaba group with largest customer based from Russia more or less tells you something.

https://www.dawn.com/news/1432288/alibaba-russian-tech-firm-mailru-agree-joint-e-commerce-venture


Alibaba, Russian tech firm Mail.ru agree joint e-commerce venture

 

[Shankranthi]

Nobody wants ruble. That is the thing.... Russian accept rmb and trade for China products. China produced most of the world commodities. Washing machine, computer, smartphone, toys, clothes.....

Aliexpress of alibaba group with largest customer based from Russia more or less tells you something.

True, Russia was squeezed by the west and found a friend in china and now they are hooked on china.

But Russia will certainly not accept rnb as the currency since that will be beneficial to china and will work against Russia. If pakistan did not agree to trade in rnb, what makes you think Russia would agree ? lol.

 

[Beast]

True, Russia was squeezed by the west and found a friend in china and now they are hooked on china.

But Russia will certainly not accept rnb as the currency since that will be beneficial to china and will work against Russia. If pakistan did not agree to trade in rnb, what makes you think Russia would agree ? lol.

lol... You think Russia has a choice? Who after the West besides China has huge financial resources? Who has the large appetite for Russia oil export? China can simply turn to Iraq, Iran or Saudi to fulfill our oil demand if needed.

Ask yourself this simple question. If Russia has other alternative. Will they collaborate with the Chinese? It is more of Russia needs China than China needs Russia. Iran under sanction is desperate to dump out as many oil as possible. Iran has a huge oil reserve. China now called the shot of take most oil from whoever willing to accept rmb.

 

[Shankranthi]

lol... You think Russia has a choice? Who after the West besides China has huge financial resources? Who has the large appetite for Russia oil export? China can simply turn to Iraq, Iran or Saudi to fulfill our oil demand if needed.

Ask yourself this simple question. If Russia has other alternative. Will they collaborate with the Chinese?

Again I agree, unless Europe under pressure from US agrees to engage with Russia, Russia has no choice but to be locked in this warm embrace with china.

Though US has come around to recognizing this reality. If US agrees to engage with Russia, then Russia might find a way out. If not, china it is. But it still won't accept rnb as currency for trade unless it gets something substantial in return and I do not know what china can offer Russia apart from cheap consumer goods.

 

[Beast]

Again I agree, unless Europe under pressure from US agrees to engage with Russia, Russia has no choice but to be locked in this warm embrace with china.

Though US has come around to recognizing this reality. If US agrees to engage with Russia, then Russia might find a way out. If not, china it is. But it still won't accept rnb as currency for trade unless it gets something substantial in return and I do not know what china can offer Russia apart from cheap consumer goods.

Thanks to your "if". Your "if" of US engage Russia is as good as striking billion dollar lottery.

Why not you claim Russia will give up her 10000 nuke warhead, nuclear free and be friend with USA?

 

[Taimoor Khan]

True, Russia was squeezed by the west and found a friend in china and now they are hooked on china.

But Russia will certainly not accept rnb as the currency since that will be beneficial to china and will work against Russia. If pakistan did not agree to trade in rnb, what makes you think Russia would agree ? lol.

Not sure what is the difference between rmb and Yuan, but here is the old news.

https://www.dawn.com/news/1380403

Door open to yuan-based trade with China: SBP

 

[Shankranthi]

Thanks to your "if". Your "if" of US engage Russia is as good as striking billion dollar lottery.

Why not you claim Russia will give up her 10000 nuke warhead, nuclear free and be friend with USA?

Ifs and Buts are the life blood of diplomacy.

What good are the 10K russian Nukes if they have to give up roubles for Rnb ?

For now china needs Russian oil as much as Russia needs Chinese financial muscle. Russia is still engaging with India to keep china from hugging it too hard.

Let us see how the history plays out. I am going to keep my bets open.

Not sure what is the difference between rmb and Yuan, but here is the old news.

https://www.dawn.com/news/1380403

Door open to yuan-based trade with China: SBP

Govt. of pakistan initially had rejected chinese demand of using Rnb for bilateral trade.

Don't know if Imran Khan will reverse that decision.

Such a trade would be beneficial to china but will work against pakistani interests. After all you Buy Oil in USD, not rnb.

 

[rambro]

True, Russia was squeezed by the west and found a friend in china and now they are hooked on china.

But Russia will certainly not accept rnb as the currency since that will be beneficial to china and will work against Russia. If pakistan did not agree to trade in rnb, what makes you think Russia would agree ? lol.

Since when u become the representative of russia?

India stabbed them in the back

 

[Shankranthi]

Since when u become the representative of russia?

India stabbed them in the back

 

[Hakikat ve Hikmet]

Right bang on 9/11.

Did they choose the date deliberately? This is no less significant then those planes crashing into twin towers.




https://www.dawn.com/news/1432288/alibaba-russian-tech-firm-mailru-agree-joint-e-commerce-venture


Alibaba, Russian tech firm Mail.ru agree joint e-commerce venture

Can't speculate on the date!!! But, one thing is certain - antagonizing Pak never goes well with the USA, be it coincidence, correlation, causality or anything else!!!!! The last time USSR was almost in the same crucible: Pak (-ve), India (+ve), Afg (war)!!!!

By the by Turkey, Iran an Russia have decided to do trade in their local currencies while discussing over Syria...

 

[Hamartia Antidote]

I thought they have done so few years ago? .

Yep, multiple times...here’s one from 2014

http://america.aljazeera.com/articles/2014/5/20/russia-china-bankdeal.html
Russia, China sign deal to bypass US dollar

Apparently they keep forgetting to do it and reannounce it from time to time...sort of like Iran who keeps announcing it EVERY year.

Right bang on 9/11.

Did they choose the date deliberately? This is no less significant then those planes crashing into twin towers

So many short memories here about what was said in the past.