Dollar Sold on Rumors Gulf States to Price Crude Against Broad Currency Basket

The [B]US Dollar[/B] was sold aggressively against most major currencies after the UK newspaper The Independent published a story saying Persian Gulf oil exporters have been holding secret talks with China, Russia, Japan and France about replacing the greenback with a basket including the Euro, the Japanese Yen, the Chinese Yuan, and even gold as the unit of account for crude prices. Unnamed sources quoted in the article alleged that Russia, Japan, China and Brazil have already held high-level talks including finance ministers and central bank heads to hash out the scheme, which is to be executed within just nine years.

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