Thursday, January 13, 2005
Here is some interesting news about the dollar's fall.
"BEIJING, January 12 (Itar-Tass) - Russia’s Central Bank and the People’s Bank of China have begun accepting roubles and yuans from January 1, 2005 for servicing trans-border trade, according to China Daily.
The 2002 Russian-Chinese agreement envisions the use of national currencies in trans-border trade. Thus, Moscow and Beijing have given up a U.S. dollar in transaction that will reduce transaction costs, increase an international status of national currencies and facilitate further development of Russian-Chinese trade.
In 2004 trade turnover between Russia and China exceeded 21 billion U.S. dollars. According to China’s Trade Ministry, in 2005 it will increase by at least 20 percent and by 2010 it may reach 60-80 billion U.S. dollars.
China has signed such agreements with the Philippines, Vietnam, Nepal, Japan and South Korea."
"BEIJING, January 12 (Itar-Tass) - Russia’s Central Bank and the People’s Bank of China have begun accepting roubles and yuans from January 1, 2005 for servicing trans-border trade, according to China Daily.
The 2002 Russian-Chinese agreement envisions the use of national currencies in trans-border trade. Thus, Moscow and Beijing have given up a U.S. dollar in transaction that will reduce transaction costs, increase an international status of national currencies and facilitate further development of Russian-Chinese trade.
In 2004 trade turnover between Russia and China exceeded 21 billion U.S. dollars. According to China’s Trade Ministry, in 2005 it will increase by at least 20 percent and by 2010 it may reach 60-80 billion U.S. dollars.
China has signed such agreements with the Philippines, Vietnam, Nepal, Japan and South Korea."
# posted by Thomas @ 12:28 AM 
