Here’s a Bloomberg article on the intended swap.
Want to know why?
It ties into this story: BRIC to Discuss New World Currency.
But the overall plan is outlined here: On the Current State of Currency.
Sampled from this Bloomberg article:
Russian President Dmitry Medvedev may discuss his proposal to create a new world currency when he meets counterparts from Brazil, India and China this month, Natalya Timakova, a spokeswoman for the president, told reporters by phone today. Medvedev first proposed seeking alternatives to the U.S. dollar as a reserve currency in March.
Together, the four countries comprise 42% of the world’s population and hold the majority of US foreign debt.
Read more about this issue in our April 2, 2009
blog entry, “On the Current State of Currency”…