China and Russia have effectively switched to domestic currencies in trading using financial tools as swaps and forwards, as they seek to reduce the influence of the US dollar and foreign exchange risks. The agreement signed in the end of October comes into force Monday, December 29, and provides a currency swap of CNY150 billion (up to US$25 billion). The country’s Foreign Exchange Trade System... 

A spokesman with China’s Foreign Ministry on Wednesday called on the U.S. government, its congress and various communities to firmly oppose domestic legislation meant to pressure China’s currency, the Renminbi or yuan, into rising further. “China calls on the U.S. government, its congress and various communities to oppose the pressure put on the RMB exchange rate by domestic legislation...