US rivals 'plotting to end oil trading in dollars'
Updated at: 1604 PST, Tuesday, October 06, 2009
LONDON: 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 UK daily 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.