| Iran not to accept U.S. dollar for oil sales anymore |
[Apr. 14th, 2007|02:24 pm] |
Around 40% of Iranian oil sales were conducted in U.S. currency, however Iranians made a decision to stop selling oil for U.S. dollars. There are already agreements with China and Japan to use euro and yen for the oil trade. Besides that:
Meanwhile, China which now holds $1 trillion in foreign reserve holdings, announced March 20 it will no longer accumulate foreign exchange reserves.
This is more bad news for the dollar, since approximately 70 percent of China's $1 trillion in foreign reserve holdings are held in U.S. dollar assets.
About half of China's foreign exchange U.S. assets are invested in U.S. treasuries, which are vital to financing the continuing U.S. federal budget deficits.
Source
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