Russia Moves Away from Dollar, Embraces Chinese Currency!

• Russia moves away from dollar, embraces Chinese currency! 
  by http://www.upi.com/ 
  MOSCOW, Nov. 14 (UPI) — Russian President Vladimir Putin said Friday his country was deliberately moving away from using the U.S. dollar for international trade.
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  He told the Russian news agency Tass, in an interview, Russian oil sold to China will be paid for in renminbi, the Chinese currency, part of a trend by Russian companies to denominate imports and exports in renminbi or rubles, and not U.S. dollars.
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  “We’re moving away from the diktat of the market that denominates all the commercial oil flows in U.S. dollars,” Putin said.
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  Direct transactions between the Russian and Chinese currencies amounted to $5.2 billion in October, up from $307 million in September, the Chinese central bank’s China Foreign Exchange Trading System reported.
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  “Volumes are picking up as both countries aren’t against using their own currencies instead of the dollar for mutual transactions. I expect the turnover to grow,” Evgeny Gavrilenkov, a currency strategist at Mosciow’s Sberbank Rossii, told the Wall Street Journal.
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  To further keep the value of the ruble up without using U.S. dollars, the Russian Central Bank purchased 55 metric tons of gold in the third quarter of 2014.
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