The presidents of Russia and China yesterday agreed to boost the use of their national currencies, the ruble and yuan, in bilateral trade.
"It is essential ... to move forward the work on the creation of favourable conditions for widening the sphere of settlement in rubles and yuan," Russian President Dmitry Medvedev and Chinese President Hu Jintao said in a joint statement. Russia, the holder of the world's third-largest reserves after China and Japan, has repeatedly called for less global reliance on the U.S. dollar.
Moscow also suggested the creation of a supranational reserve currency, possibly based on the International Monetary Fund's Special Drawing Rights.
China, which holds nearly $2 trillion (U.S.) in foreign currency reserves and wants to protect the value of its dollar assets, has not joined in the dollar criticism.
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