China, Russia Push Yuan-Ruble Trading to Diminish Dollar Role

Here are a couple of excerpts from the story, which can be read here:

China and Russia plan to start trading in each other’s currencies as the world’s second-biggest energy consumer and the largest energy supplier seek to diminish the dollar’s role in global trade.

“Given the risk to the dollar and U.S. assets from their fiscal position they want to reduce their dependence on the dollar as an invoicing currency,” Bhanu Baweja, global head of emerging markets fixed income, currency and credit research at UBS AG, said in a phone interview from London.

Notice how this story came out today as Larry Summers, President Barack Obama's top economic adviser, concluded his meeting with Chinese officials in Beijing. One of the topics that was discussed today was the value of the Yuan, so I'm sure that China is sending yet another message to the U.S. administration by have this story come out today. Yes folks, the Chinese are getting ready for a currency crisis in the USD within the next 6 months and I think the recent price action in Gold is also telling us this.