Georgiann Baldino"If oil trades [through the Straits of Hormuz]...are settled in #Chinese yuan rather than US dollars, how will it impact geopolitics? At present, about 80% of global oil trade is reportedly settled in US dollars. The potential shift would weaken the dominance of petrodollar...perhaps move to a system of multicurrency ...with China's importance in the geopolitical order being intensified." Economic Times Read more at:
https://economictimes.indiatimes.com/markets/forex/irans-yuan-push-for-oil-trade-signals-fresh-challenge-to-dollar-dominance/articleshow/129668467.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
#Affordability #InternationalPolitics #TrumpWar
https://economictimes.indiatimes.com/markets/forex/irans-yuan-push-for-oil-trade-signals-fresh-challenge-to-dollar-dominance/articleshow/129668467.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
#Affordability #InternationalPolitics #TrumpWar
Iran’s yuan push for oil trade signals fresh challenge to dollar dominance
Iran is reportedly considering demanding Chinese yuan for oil shipments through the Strait of Hormuz, a move that could challenge the US dollar's dominance in global energy trade. This potential de-dollarization strategy aims to bypass sanctions and bolster ties with China, potentially leading to global financial market volatility and impacting India's crude imports.