Is the dollar out as the World's reserve currency???

Russian media hails SCO Yekaterinburg Summit

Leaders of SCO member states focused on various global issues and came up with several suggestions of strategic significance, said Vlasov. For instance, presidents of Kazakhstan and Russia have suggested the establishment of a unified, supra-national settlement unit within the SCO framework. (learn more at )

Russia, China to Promote Ruble, Yuan Use in Trade
By Lyubov Pronina and Alex Nicholson

June 17 (Bloomberg) -- The leaders of Russia and China agreed to expand use of the ruble and yuan in bilateral trade to lessen dependence on the U.S. dollar a day after they took part in the first summit of the so-called BRIC countries. 

“We agreed to take further steps in this direction, including, perhaps, by adjusting contracts and laws that already exist,” Russian President Dmitry Medvedev told reporters in the Kremlin today after talks with his Chinese counterpart Hu Jintao. ( learn more at )

Russia, China To U.S.: Stick To Treaty
Powers, Meeting At Friendship Summit, Express Arms Race Concern
MOSCOW, July 16, 2001

(CBS) The successful U.S. anti-ballistic missile test over the weekend seems to have galvanized a growing friendship between Russia and China, two world powers deeply concerned about U.S. military hegemony.
Russia and China, meeting at a friendship summit, said Monday they wanted the 1972 Anti-Ballistic Missile (ABM) pact between Moscow and Washington to be preserved unchanged.(learn more at )