US rivals ‘plotting to end oil trading in dollars’

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.

The newspaper said the plan is for the US currency to be replaced for trading oil by a basket of currencies, including the Japanese yen, the Chinese yuan, the euro, gold and a new, single currency for the Gulf states. If executed, the move would be a significant blow to the dollar’s position as the premier world currency and would potentially threaten America’s position as the world’s leading economy. Source