thanks cdmtm,
http://au.biz.yahoo.com/091006/2/2917p.html
Gulf states plan demise of $US: report
Tuesday October 6, 2009, 12:48 pm
Gulf Arab states are planning to end US dollar dealings for oil and move to a basket of currencies, revolutionising the global oil trade, The Independent newspaper in the UK has reported.
In an front page article on its website by leading journalist Robert Fisk, the paper reported the proposed changes could be in place in 2018.
The report published on Tuesday said Gulf Arab states are planning along with China, Russia, Japan and France to "end dollar dealings for oil, moving instead to a basket of currencies."
The proposed basket would include the currencies of Japan, China, Europe, as well as gold.
It said the plans had been "confirmed to the Independent by both Gulf Arab and Chinese banking sources" in Hong Kong.
It said "secret meetings" had already been held by the finance ministers and central bank heads in Russia, China, Japan and Brazil about the proposal.
It quoted an unnamed Chinese banker as saying the plan "will change the face of international financial transactions."
Major resources commodities - including gold, other precious and base metals, and oil - are priced in US dollars in the global markets.
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