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Putin slams the US Dollar at Chinese trade talks

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Russian Prime Minister Vladimir Putin lambasted “parasitic” US monetary policies today at a press conference in Beijing.

“The US is not a parasite, but the US dollar’s monopoly is a parasite,” he said, backing Chinese calls for an alternative global reserve currency in light of the economic crisis crippling the developed world.

Mr Putin said his comments were “constructive criticism” which would help countries searching for a common solution to global financial problems.

His visit marked the 10th anniversary of a treaty of “good neighbourliness, friendship and co-operation” between Russia and China.

In meetings with Chinese President Hu Jintao and Prime Minister Wen Jiabao, the Russian leader signed trade deals reportedly worth £4.5 billion, though the two sides could not settle a price dispute over Russian natural gas exports.

China agreed to invest in Russian infrastructure, including putting 9.5bn yuan (£950 million) into a Siberian aluminium smelter.

Mr Putin spoke out as his Chinese hosts slammed a Bill passed by the US Senate on Tuesday which seeks to impose tariffs on Chinese goods.

Foreign Ministry spokesman Ma Zhaoxu said the Bill was “completely harmful and unbeneficial” and would “severely damage” trade ties if it becomes law.

To do so the Bill would have to pass the US House of Representatives, which is unlikely as many members of Congress fear it would spark a trade war with the country’s biggest creditor.


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