The report by Robert Fisk, the newspaper's Middle East correspondent, was published on Tuesday and cited unidentified sources in Gulf Arab states and Chinese banking sources in Hong Kong.
Fisk said the proposal was for trade in crude oil to change to a basket of currencies over nine years to include the Japanese yen and Chinese yuan, the euro, gold and a new, unified currency. This change is planned for countries in the Gulf Co-operation Council, including Saudi Arabia, the United Arab Emirates, Kuwait and Qatar.
"Secret meetings have already been held by finance ministers and central bank governors in Russia, China, Japan and Brazil to work on the scheme. This mean that oil will no longer be priced in petro-dollars," the report said.
It said that France had also been involved in the talks. The Independent said US authorities were aware that the meetings had taken place but had not discovered the details and were "sure to fight this international cabal".
Inverse relation
The issue of shifting oil trade away from the US dollar has been raised occasionally in recent years, but analysts say this is unlikely to occur any time soon.
"I don't think we will see much concrete actions coming out of such discussions because even when the dollar is weak, it doesn't mean that commodities are undervalued," David Moore, a commodities analyst at the Commonwealth Bank of Australia, said.
"In fact, when the dollar weakens, commodities prices tend to increase by a higher ratio."
source: http://english.aljazeera.net/business/2009/10/20091067510900568.html
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