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Detailed text transcripts for TV channel - CNN - 20101219:15:27:00

Started trading between the russian ruble and the chinese yuan. instead of settling trades in dollars, a russian buyer can pay his own currency for these chinese widgets. the chinese seller gets paid in his own currency. why should you care what an exchange in moscow has decided to trade in? it s symbolic. the russians and chinese have declared war on the dollar. president putin and premier wen were pleased to announce that they were denouncing the dollar trade between their two nations. the chinese, of course, about $900 billion of u.s. debt. but beijing has been very clear that it wants to reduce its reliance on the dollar. puttin, for his part, has been putting for the euro to replace the dollar as the world s reserve currency. all this comes just a few months after the united nations released a controversial report saying that the dollar was an ....

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Detailed text transcripts for TV channel - CNN - 20101219:18:27:00

It s usually been in dollars. that is changing. the almighty dollar is looking a little less almighty. on wednesday, marked by bell ringing and confetti, the moscow interbank currency exchange started trading between the russian ruble and the chinese yuan. instead of settling trades in dollars, a russian buyer can pay his own currency for these chinese widgets. the chinese seller gets paid in his own currency. why should you care what an exchange in moscow has decided to trade in? it s symbolic. the russians and chinese have declared war on the dollar. president putin and premier wen were pleased to announce that they were renouncing the dollar trade between their two nations. the chinese, of course, about $900 billion of u.s. debt. but beijing has been very clear that it wants to reduce its reliance on the dollar. putin, for his part, has been ....

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