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Page added on October 29, 2008

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PM Putin suggests Russia, China ditch dollar in trade deals

MOSCOW (RIA Novosti) – Russian Prime Minister Vladimir Putin proposed on Tuesday that Russia and China gradually switch over to national currency payments in bilateral trade, expected to total $50 billion in 2008.


“We should consider improving the payment system for bilateral trade, including by gradually adopting a broader use of national currencies,” Putin told a bilateral economic forum.


He admitted the task would be tough, but said it was necessary amid the current problems with the dollar-based global economy.


Chinese Prime Minister Wen Jiabao described strengthening bilateral relations as “strategic.”


“Mutual investment by Russia and China has already exceeded $2 billion, this is a very good index,” Jiabao said.


RIA Novosti



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