Brazil, China consider superceding dollar

Brazil and China will work towards using their own currencies in trade transactions rather than the US dollar, according to Brazil’s central bank. The move follows recent Chinese challenges to the dollar’s status as the world’s key currency. Luiz Inácio Lula da Silva, Brazil’s president, who is visiting Beijing this week, and Hu Jintao, China’s president, first discussed the idea of replacing the dollar with the renminbi and the real as trade currencies when they met at the G20 summit in London last month.

http://ftalphaville.ft.com/blog/2009/05/19/55999/brazil-china-consider-superceding-dollar/

I can understand that the need for toilet paper is receding...

 

Well this is not good

 

Why is that not good?

 

Wonder if that will soften the Japanese central bank's stated intention to fight the will and pockets of the World?Probably will imo.

 

Yuan is slowly becoming the reserve currency

 

Haha, right. Based on what (other than the typical annoying "decline of America"-talk)?

To OP,

Not going to happen. They've talked about this before without any acting upon it.

 

HAHAH Good one!

 

The true reason for the Iraq war has been rumoured to be over their rejection of the American dollar. What will the US do now to China and Brazil for rejecting the American dollar?

 

Brazil, China Plan to Trade Without Dollars Is ‘Pure Idle Talk’

http://www.bloomberg.com/apps/news?pid=20601087&sid=a.2qBYMO_jtA&refer=home

 

http://www.nytimes.com/2009/05/21/business/global/21reserves.html?_r=2&ref=business