Moscow Calls for New Financial System That Bypasses US Dollar

"The world should not be dominated by one currency. It is necessary to build a new system of international financial relations"

Sat, Nov 4, 2017
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Moscow and Beijing are leading the charge against US dollar dominance, so naturally Russian Prime Minister Dmitry Medvedev saw his recent visit to China as an opportunity to remind Washington that the petrodollar's days are numbered:


Transcript:

The world should not be dominated by one currency. It is necessary to build a new system of international financial relations

Dmitry Medvedev stated in Beijing.

Anchor:

Today he held talks with the Chinese President, the head of the Chinese government, and the head of the Parliament. Anastasia Sakhovskaya is reporting.

Corespondent:

Chinese operators and photographers are almost knocking each other down. They always pay special attention to Russian visits to China, but today it's just extraordinary. This is the first direct high-level contact after the congress of the Communist Party, which confirmed the policy of rapprochement with Russia.

The world needs financial balance. Countries shouldn't be held hostage by one economy. The development of the ruble and the yuan will contribute to the balance. Russia and China want to introduce settlements in national currencies. We are developing our payment system on the basis of the Mir card.

At the moment, we are discussing the ways the Mir card will be connected to Chinese payment systems. Oil, coal, gas, the Yamal LNG project, deliveries along the eastern route of the "Power of Siberia" pipeline in 2 years, and the western route is being negotiated. Peaceful nuclear cooperation, an agreement was signed with Roscosmos up to 2022.

But there's another growth point, the Far East which is so close to China.

Li Keqiang, Chinese Premier:

"We are going to increase Chinese investments in the Far East. We are ready to import more energy-related products."

Corespondent:

An investment package worth $15 billion has already been agreed upon, while a separate fund can be created to finance innovative projects.

Alexander Tkachev, Russian Minister of Agriculture:

"We're actively advancing livestock farming, including beef and poultry, rabbit, and other types of meat. So, we have no intention to stop."

Corespondent:

It's for their contribution to the development of trade, Dmitry Medvedev awarded the Order of Friendship to Vice Premier Wang Yang and his two colleagues. Today the year of media exchange closed, information ties strengthen as well. In the evening, the Russian delegation was received by Xi Jinping. Dmitry Medvedev personally conveyed to the Chinese leader Vladimir Putin's congratulations on the adoption of strategic decisions for the country at the Communist Party congress.

Dmitry Medvedev:

We understand how important these decisions are for the development of a friendly China. We hope these decisions will only contribute to our partnership, and our comprehensive and strategic interaction.

Xi Jinping:

"Russia has been and is a priority for China's foreign policy. We consistently stick to the policy of development, the strengthening and deepening of China-Russia relations.

Corespondent:

A new era for China is a new impetus for bilateral relations. Russia and China are fully consistent with the concept of a "community of common destiny" that appeared in China, meaning the countries following the same path. Perhaps, it's one of the main outcomes of the visit. Anastasia Sakhovskaya, Mikhail Artyukhin, Mikhail Emelin and Alexandra Terpugova for Vesti from Beijing, China.