Russia and China Finding Ways to Avoid the U.S. Dollar

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It is becoming easier to imagine the coming post-American financial order.

At Bretton Woods in 1944, the world’s major powers settled on a new financial system. That system of world finance was dominated by America. When the system fell apart in 1971, countries switched to floating exchange rates, but the U.S. dollar remained the reserve currency. But today, in the post-global-financial-crisis world, Russia and China are finding new ways to avoid using the dollar.

Moscow, Beijing May Use National Currencies in Range of Contracts – Russian Official

MOSCOW, May 29 (RIA Novosti) – The payments on a range of export contracts signed during Russian President Vladimir Putin’s recent visit to China may be made in the two countries’ national currencies, Deputy Minister of Economic Development Alexei Likhachev told RIA Novosti Thursday.

“I think, yes. The Finance Ministry must as soon as possible create the appropriate conditions,” Likhachev said, responding to a question on possible payment between Russia and China in the ruble and yuan.