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you are wrong compeltely!The Chinese are playing their game well. The Dollar is indeed weaker than before and the Fed wants to infuse another $600Billion into the economy. The Russians are very keen on losing their dollars fast. They are dealing in Euros and Pounds in a much bigger way and less inclined to do Dollar transactions. Considering Russia is a major oil exporter, they have a huge say in the matter. If they don't want dollars but are more interested in your currency its a win win for both countries. I would love to pay in Rupees for their oil. It will result in huge Forex savings for us which can be used to buy weapons and other stuff from other countries.
This in no way erodes the Dollars position. But, if major players take Dollar out of the equation then that would mean smaller countries will follow suit with the same capacity as Russia and China. China-Russia trade with their respective currency has less to do with Chinese aspirations and more to do with Russian interests.
The Chinese actually love their dollars. Ruble-Yuan trade would mean all their Forex can be used on Europe, Japan and US for high technology trade while the Yuan will pay for the Russian Oil and Gas. There is no way the Chinese will give up the Dollar for something as silly as hegemony and everybody knows it.
Russia has evinced interest in trading with us in Rupees too. But our trade with Russia is very limited due to lack of a land route. Heck, the entire $30Billion PAKFA deal could have been paid in Rupees had we signed a similar deal. Perhaps we could have a similar deal with China.
what China wants is not US dollars,but raw resource,high-techs and high-end industry products.
In fact, China's trade mod is " buy raw resouce,high-end industry products and high techs with the exported low-end and mid-end industry products".the US dollars is just the media the the trade.
If the raw-resource exporters such as Russia can trade directly with the industry-products exporters such as China,the trade cost would decrease much.
so, decrease of dollar trade between Russia and China is a win-win deal!