Turkey and China to Shun the Dollar Wall Street Journal. Saturday, October 9, 2010

ISTANBUL—Turkey's Prime Minister Recep Tayyip Erdogan and China Premier Wen Jiabao said Friday their two countries would from now on trade using their own currencies, effectively excluding the U.S. dollar. The announcement, at a joint news conference in Ankara, came on the final stop of Mr. Wen's European tour. Mr. Erdogan announced eight trade agreements between the two countries, whose leaders also pledged to triple trade between China and Turkey to $50 billion within five years, and to $100 billion by 2020.
"We are forming an economic strategic partnership," Mr. Erdogan said. "In all of our relations, we have agreed to use the lira and yuan." Beijing has steadily been trying to raise the profile of the yuan, perhaps hoping it will someday play a bigger role in the world economy. In late September, China supported a Russian proposal to start direct trading between the yuan and the ruble. It has brokered a similar deal with Brazil.

More at Turkey, China Shun the Dollar in Conducting Trade - WSJ.com

Note that this is also excluding the euro.


These are the sorts of things that the world needs to see more of to build a more equitable future for all nations. The previous financial system based largely on the US t-bill standard has created a free ride for the USA, at the expense of other nations' economies. Recent activity to increase the currency raiding powers of US corporations has lead to virtual weaponization of the US dollar. More about this here Why the IMF Meetings Failed | Michael Hudson . Recent calls to revalue the yuan upward are simply attempts to carry out the currency raid of the century.