Has the proverbial fat lady sung on the US dollar? The currency is still global reserve currency and weighted against commodities like oil and gold, but this is set to change if nations like China, Iran, the Gulf Arabic nations, Russia, Japan and even France have anything to say. Which, given emerging market strength, is rather a lot.
Iran has already changed its reserve currency to the Euro from US dollar. Is anyone surprised? Well, no - not when you take into account the massive conflict between Iran and the USA.
China is the loudest voice in the instigation of change - of a new basket of currencies to be used to value oil and given its growing economic strength, many see this change as a case not of "if" but "when"...
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