Recently, China and Russia are continuing to shift from dollar-based global trade settlement to gold-based trade settlement. The attempt by China and Russia is to build a gold-based bilateral trade settlement system. While we should acknowledge this innovation, its influence cannot be overestimated; after all, even the convertibility of the renminbi has yet to be achieved. The cooperation between China and Russian at most will only adopt non-dollar settlement in some bilateral trades. On this issue, one should not misjudge the situation.