As I add info as I find it, please discuss the implications in comments.

From Fisk's article

The Americans, who are aware the meetings have taken place – although they have not discovered the details – are sure to fight this international cabal which will include hitherto loyal allies Japan and the Gulf Arabs. Against the background to these currency meetings, Sun Bigan, China's former special envoy to the Middle East, has warned there is a risk of deepening divisions between China and the US over influence and oil in the Middle East. "Bilateral quarrels and clashes are unavoidable," he told the Asia and Africa Review. "We cannot lower vigilance against hostility in the Middle East over energy interests and security." This sounds like a dangerous prediction of a future economic war between the US and China over Middle East oil – yet again turning the region's conflicts into a battle for great power supremacy. China uses more oil incrementally than the US because its growth is less energy efficient. The transitional currency in the move away from dollars, according to Chinese banking sources, may well be gold. An indication of the huge amounts involved can be gained from the wealth of Abu Dhabi, Saudi Arabia, Kuwait and Qatar who together hold an estimated $2.1 trillion in dollar reserves.

And more on China

Chinese financial sources believe President Barack Obama is too busy fixing the US economy to concentrate on the extraordinary implications of the transition from the dollar in nine years' time. The current deadline for the currency transition is 2018. The US discussed the trend briefly at the G20 summit in Pittsburgh; the Chinese Central Bank governor and other officials have been worrying aloud about the dollar for years. Their problem is that much of their national wealth is tied up in dollar assets. "These plans will change the face of international financial transactions," one Chinese banker said. "America and Britain must be very worried. You will know how worried by the thunder of denials this news will generate."

More sources coming in now:

From Reuters: Gulf in talks on replacing US$ for oil: report

From Bloomberg: Dollar Falls as Paper Says Arab States May Stop Using Greenback

Another Reuters: Ending dollar oil sales easy; pricing is hard

CNBC:Dollar Falls on Report of Ending its Use in Oil Trade

The UK's Independent newspaper, citing unnamed sources, said the talks centred on using a basket of currencies, including the yen, yuan and euro, as well as gold. The proposed transition would take place within nine years, it said. "This is U.S. dollar negative news which is moving markets and shows that central banks not just in Asia are looking to diversify away from the dollar," said Jonathan Cavenagh, currency

analyst at Westpac. "This looks to be a very long term thing with a few hurdles to cross," he said, adding that European authorities would likely be reluctant to agree to such an idea since euro zone

manufacturers are sensitive to exchange rate moves. The euro rose 0.3 percent compared to late U.S. trading on Monday to $1.4688 [EUR= 1.4704 0.0056 (+0.38%) ]. The dollar extended its losses against the yen after the Independent report, falling to as low as 88.97 yen on trading platform EBS, down from the day's high of 89.65 yen. The greenback was last down 0.5 percent on the day at 89.09 yen [JPY= 89.07 - 0.46 (- 0.51%) ].

Marketwatch (Tokyo): Potential end of dollar-based oil deals helps gold shine

Updated: Hi Ben Goshi! heh :P

UPDATE TUES 10/6 early early am: Saudi Bank Governor Denies Talks to Replace Dollar

Saudi Arabia hasn’t held talks with China and other countries on dropping the dollar as the currency for pricing oil, Saudi Central Bank Governor Muhammad al-Jasser said, denying a report in the U.K.’s Independent newspaper. The Independent report is "absolutely incorrect" and there has been "absolutely nothing" of that nature discussed between Saudi Arabia, the world’s biggest oil exporter, and other countries, al-Jasser told reporters in Istanbul, where he’s attending an International Monetary Fund summit. The dollar pared losses after his remarks.

Representatives of other nations mentioned in the "secret meetings" have also denied knowledge of such meetings. No word yet from Fisk or the Independent regarding these latest developments. It appears to have been an overnight sensation. Fisk's credibility appears to be on the line here. If there are further clarifications on this story today, I'll post them here.

In the meantime, it will be useful to keep an eye on how the markets react today. Regardless what the politicians and reporters say, what people do with investment in dollars and commodities like gold and oil will be telling.

Gold futures are at an 18 month high right now at $1028/oz and are trending even higher. The DXY is off its overnight low of 76.22 and is hovering around 76.35. Oil futures are up a bit at 71.33.

Here is an excellent discussion and round up of opinion about Fisk's story and reaction to it from the Financial Times Alphaville:

The world and the dollar react to Robert Fisk