China and Russia have reached an agreement to renounce the U.S. dollar and resort to utilizing their own currencies for bilateral trade. This was announced by the Chinese Premier Wen Jiabao and his Russian counterpart Vladimir Putin last evening. At a joint news conference with Wen in St. Petersburg, Putin said, they have decided to use their own currencies in trade settlement. The two nations were accustomed to using other currencies, particularly the dollar, for bilateral trade. Putin said, an important step in bilateral trade has been forged and it is a result of the consolidated financial systems of world countries. Wen Jiabao told the press conference that over the past year their strategic cooperative partnership endured strenuous tests and reached an unprecedented level. He said China will firmly follow the path of peaceful development and support the renaissance of Russia as a great power.