Starting several years ago, Iran began to settle most of its crude oil exports in non-dollar currencies.  In October, the Arab states in the Persian Gulf: Saudi Arabia, the United Arab Emirates, Kuwait, and Qatar, were in secret talks with Russia, China, Japan, and France to replace the U.S. dollar in the trading of oil. According to the British media the U.S. government was aware the meetings took place. Now, the question is whether or not, but when, the U.S. dollar will lose its position as the major currency that is pegged with other currencies in the world.  It is only a matter of time until the Renminbi becomes flexible with other currencies.