$400 billion？No，it‘s ￥2.5 trillion 人民币

Chinese President Xi Jinping and Russia President Vladimir Putin signed a 30-year natural gas deal on May 21, 2014 during the 4th annual CICA Summit (26 member nations) in Shanghai.

中俄签30年天然气购销合同 总价值4000亿美元

http://www.washingtonpost.com/business/gazprom-china-russia-sign-30-year-gas-deal/2014/05/21/042442f0-e0cf-11e3-9442-54189bf1a809_story.html

The contract, the largest ever for Russia, stipulated that Russian gas company, Gazprom, will supply China National Petroleum Corp. with 38 billion cubic meters of gas annually for 30 years.

Source: http://news.sina.com.cn/c/2014-05-22/023030192168.shtml

It is valued at $400 billion according to western news media.

The contract is significant for both Russia and China economically and politically. Russia got a new market, in additional to Europe, for its vast natural gas resources. China secured a long-term supply of cleaner energy to replace its coal consumption. The contract has been negotiated for 10 years and Russia’s take over of Crimea and the subsequent US’s sanction definitely forced Putin’s hand. American’s action pushes China and Russia into economical alliance and the new world order of three kingdoms is in place.

A more significant but less reported development of this contract was that the natural gas will not be paid for in US dollars. It will be paid for by Renminbi instead. At current exchange rate, it will be worth ￥2.5 trillion 人民币。

Well, slowly but surely, the dominance of the US dollar in world trade is being chipped away one deal at a time.

The time will come when US dollar is no longer the world reserve currency and Americans better be prepared for the inevitable.