"In Strait of #hormuz #Iran and #China take aim at #US dollar hegemony"
"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 JP Morgan Chase.
In Iran’s control of the Strait of Hormuz, a conduit from the Gulf for about one-fifth of global oil and liquefied natural gas supplies, Tehran and Beijing have found a tool to boost the Chinese yuan as an alternative to the greenback
Under Iranian officials’ de facto toll booth regime, commercial vessels are being charged transit fees in #yuan, according to multiple reports, the latest example of deepening Chinese-Iranian economic cooperation facilitated by China’s currency"





