The demise of the dollar - Business News, Business - The Independent - 0 views
www.independent.co.uk/...ise-of-the-dollar-1798175.html
oil currency China USA EU Iran KSA UAE GCC gold dollar Euro Yuan Japan Yen Russia IR energy politics foreignpolicy
shared by Ed Webb on 06 Oct 09
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The plans, confirmed to The Independent by both Gulf Arab and Chinese banking sources in Hong Kong, may help to explain the sudden rise in gold prices, but it also augurs an extraordinary transition from dollar markets within nine years.
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a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security."
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World Bank president Robert Zoellick. "One of the legacies of this crisis may be a recognition of changed economic power relations,"
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In a clear sign of China's growing financial muscle, the president of the European Central Bank, Jean-Claude Trichet, yesterday pleaded with Beijing to let the yuan appreciate against a sliding dollar and, by extension, loosen China's reliance on US monetary policy, to help rebalance the world economy and ease upward pressure on the euro.
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Iran announced late last month that its foreign currency reserves would henceforth be held in euros rather than dollars. Bankers remember, of course, what happened to the last Middle East oil producer to sell its oil in euros rather than dollars. A few months after Saddam Hussein trumpeted his decision, the Americans and British invaded Iraq.