NEW YORK (YBH.ME) – The Gulf states, China, Russia, France and Japan intend to end their practice of conducting oil deals in US dollars, switching instead to basket of currencies, including a new Gulf state currency, by 2018.

The Chinese export trade deficit, weakening dollar value due to American deficit spending, and other oil-consuming nations feeling steamrollered by American dominance have all been cited as factors contributing to the change-over.

China’s extraordinary newfound financial power has prompted the latest discussions involving the Gulf states.

Sources also say Brazil has shown interest in collaborating in non-dollar oil payments, along with India.

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Laura spent years as a Hollywood story analyst, did a big 180, and is now an entrepreneur focused on web marketing and analytics. She's also a mom of one.

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