China: Ditch the Dollar as World Standard

Leaders also discuss North Korea

(NEWSER) - Japanese Prime Minister Yoshihiko Noda met with Chinese President Hu Jintao in Beijing today, and emerged with a number of deals—including one that will marginalize the US dollar in Asia. The countries agreed to promote direct yuan-yen trades, the Wall Street Journal reports; until now, the money has usually been converted to dollars first. Japan will also hold yuan in its typically dollar-dominated foreign-exchange reserves. More»

'Out of control' printing of dollars is triggering inflation, says minister

(NEWSER) - China has countered American anger over its artificially low currency with a complaint of its own. America is printing dollars at an "out of control" rate, sending up commodity prices around the world and saddling China with "imported inflation," the country's commerce minister grouses. Inflation in China—which holds roughly $2 trillion in foreign-exchange reserves—hit a 23-month high last month and is expected to peak later this year, Reuters notes. More»

Gulf Arabs in talks to replace greenback with mix of currencies

(NEWSER) - The American dollar is dropping against the yen and euro amid reports that the Gulf states are planning to replace use of the greenback in oil trading in favor of a basket of mixed currencies. The Arab states are in advanced discussions with China, Russia, Japan and France to end the pricing of oil in dollars, according to the Independent, which cites banking sources. More»

(NEWSER) - China is speeding up efforts to encourage the use of its currency in international trading, with analysts predicting that the Chinese renminbi will become one of the three top currencies by 2012, reports the Times of London. In recent months Beijing has inked currency-swap deals with central banks from Korea to Argentina and expanded the currency's use in financial powerhouse Hong Kong. It's a major change for China, which holds trillions in US currency. More»

Planning to travel? Head to a country where flashing a few dead presidents still means something

(NEWSER) - It hurts when even a dollar-friendly country like Canada is giving your green the cold shoulder. Get your money's worth in these countries from foXnoMad:

1. Morocco
2. Thailand
3. Mexico