The day in Asia was dominated by reports out of the UK’s Independent newspaper stating that a group of Gulf Arab states were in secret talks with the likes of China, Japan, France and Russia to replace the US Dollar for the trading of oil. The dollar would be replaced with a new basket currency that would include the Euro, Yuan, Yen and gold. Needless to say, this news spread quickly, adding to the continued woes of the US Dollar that began in New York with a spark in risk appetite. The report cited both Chinese and Arab banking sources who added that the plan could be implemented within nine years. Full text »
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