The US dollar's position as the world's reserve currency could be challenged if China and Russia succeed in expanding the use of their currencies in promoting bilateral trade. While Sino-Russia trade amounts to less than US$60 billion a year, a fraction of global merchandise trade valued at more than US$12.1 trillion in 2009, the two countries are targeting their fast-expanding oil and gas trade to entice the Middle East and other hydrocarbon producers to break away from their dollar use.
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