Russia and China to Sign Mega Deals

Following on from our recent post regarding the US Dollar when we wrote this:
Another nail in the dollars coffin came in the form of a report by Robert Fisk of the UK newspaper The Independent, entitled; The demise of the dollar, which includes this rather devastating snippet:

In a graphic illustration of the new world order, Arab states have launched secret moves with China, Russia and France to stop using the US currency for oil trading.

Further support for this notion arrived today when we received this missive from Jim Sinclair this morning referring to an article on the BBC:

Now here is an absolute indication that China and Russia will NOT be using dollars in energy settlements between countries.

This is the real beginning of the rumored trend in hard FACT. It will definitely spread now.

Russia is hoping to sign deals worth $5.5bn (£3.5bn) with China as Prime Minister Vladimir Putin visits Beijing.

The deals may lead to Russia selling more oil and gas to China - the world's second-biggest energy user.

About 30 contracts in infrastructure, energy, mining, transportation and telecoms have been lined up.

Russia is keen to bolster its economy, which President Dmitry Medvedev has said will decline by 7.5% in 2009 - far worse than earlier predicted.

Currency ambition

Trade between Russia and China has risen from less than $10bn to more than $50bn annually over the past six years.

The heart of the relationship is Beijing's thirst for Russian energy - oil and gas make up more than half of Russian exports to China.

To read the article in full please click this link.



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Comments

[Lauren]

I love your predictions - ruled by common sense and back of the pants fed back. Trouble is last time I bet on the futures the guy took my money and ran. Should have been a load but was zero, didnt even get my investment back. If your story lets us all know who to trust - now thats a good story