In Strait of Hormuz, Iran and China take aim at US dollar hegemony By John Power As the United States-Israel war on Iran – paused for two weeks on Wednesday amid new diplomatic talks – has roiled the global economy for more than a month, Iran and China have seized the opportunity to address a shared gripe about the global financial system. Their common cause: Ending the hegemony of the US dollar. For years, they say, Washington has leveraged the dominance of the dollar in international trade to exert influence and inflict pain on enemies and competitors, Iran and China included. The supremacy of the dollar is especially apparent in the global oil market, where about 80 percent of transactions are settled in the currency, according to a 2023 estimate by JPMorgan Chase.
In Strait of Hormuz, Iran and China take aim at US dollar hegemony.
Tehran and Beijing both stand to gain from boosting status of the Chinese yuan.
#tehran #beijing #cny #rmb #yuan #chineseyuan
source: www.aljazeera.com/economy/2026...
