China and Russia strike gas deal

China and Russia strike gas deal

In other Chinese-related investment news a decade-long negotiation over natural gas supply resultes in a major new deal signed between China and Russia. The two nations are letting the ink dry on a long-awaited, 30-year deal Wednesday that will see Russia deliver $400 billion worth of natural gas to China over the next three decades. “Negotiations on the price for the gas had continued into the final hours of a two-day visit by Putin to China,” according to a story on the deal. The contract was signed  in Shanghai at a meeting of the Shanghai Cooperative Organization (SCO), an almost two-decade old Eurasian mutual security organization that some consider a challenger to NATO. Russia and China also signed a deal that will see investment banks in the two countries settle and trade in the ruble and renminbi rather than the US dollar, suggesting a continued move away from the USD as the global currency of choice.

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