China And Russia Hint At Dropping US Dollar

Reports from the Russian media suggest that the country is on the verge of an agreement with China to renounce the US dollar and stop using it in international settlements.

“The recent meeting between Russian Prime Minister Vladimir Putin and his Chinese counterpart, Wen Jiabao, created a financial sensation,” reports RIA Novosti.

“Wen said that the two nations could withstand the global financial crisis if they joined forces; Putin urged him to go farther and stop using U.S. dollars in Russian-Chinese settlements.”

Russia Today reports that Putin has also called for a complete overhaul of the world’s financial system to “end monopoly in world finance”.

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