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January 23, 2012

Sheikhs Fall in Love With the Renminbi

M K Bhadrakumar, Asia Times

AP Photo

A currency swap that puts more of the Chinese currency in the vaults of Persian Gulf countries almost went unnoticed as Chinese Premier Wen Jiabao scouted the region last week for friendship, not oil - to paraphrase his words. As they wake up to bypassing the US dollar as an intermediary in their oil trade with Asia, Gulf leaders know that in a volatile world the "people's currency" smells as comforting as a cup of fresh Arabica.

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TAGGED: Asia, China, Wen Jiabao, Persian Gulf, Premier, oil trade

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