"Tehran and Beijing have seized the opportunity to address a shared gripe about the global financial system, aiming to end the hegemony of the US dollar."
"The supremacy of the dollar is especially apparent in the global oil market, where about 80 percent of transactions are settled in the currency."
"Under Iranian officials' de facto toll booth regime, commercial vessels are being charged transit fees in yuan, according to multiple reports."
"Iran's embassy in Zimbabwe stated that it was time to add the petroyuan to the global oil market, indicating a push for yuan integration."
Tehran and Beijing are collaborating to enhance the status of the Chinese yuan as an alternative to the US dollar. This partnership arises from shared grievances against the dollar's dominance, which has allowed the US to exert influence over global trade. Iran's strategic control of the Strait of Hormuz, a key oil transit route, is being leveraged to facilitate yuan transactions. Reports indicate that commercial vessels are now paying transit fees in yuan, marking a significant step in Chinese-Iranian economic cooperation.
Read at www.aljazeera.com
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