China, Russia, Japan and several of the most powerful Gulf States are actively plotting to end the decades-old practice of buying and selling oil in dollars, the Independent claimed today.
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Gulf Arab oil exporters will stay with the dollar as the currency for trading crude, a source in the United Arab Emirates central bank said on Tuesday.
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Four Gulf oil producers are planning to conduct an opinion poll on the name of the new currency that will form the backbone of a landmark monetary union which they could launch next year, a Saudi Arabian newspaper reported yesterday.
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Gulf states should implement a monetary union and single currency in phases, Kuwait’s central bank governor said in comments published on Sunday, casting further doubt on a 2010 target date.
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Nobel Laureate Robert Mundell argued that Asia needs a common currency to reduce exchange rate volatility, which adversely affects growth and increases poverty. Asia may introduce a common currency in 2015.
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Chinese officials made it clear Sunday they intend to push for greater domestic economic growth, signaling that they would even allow the yuan to rise once the global financial jitters subside.
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Canadian Finance Minister Jim Flaherty reminded his European counterparts on Friday that they are not alone in bearing the brunt of a weak U.S. dollar and said any global currency discussions should rightly extend beyond the G7 group to include Asian countries.
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Group of Seven finance chiefs have stopped short of singling out the weaker US dollar for criticism and stuck to their mantra that “disorderly” swings in currencies threaten economic growth.
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The G7 on Saturday reiterated its caution against “excess volatility and disorderly movements in exchange rates” in a brief statement at the close of their summit in Istanbul.
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Euphemisms, at times, go a long way in changing perceptions. What was once the Third World, gradually became a developing country, and is now an emerging market.
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