World News

Iran and Russia have used the currency to carry out oil sales and other trade, evading controls on dollar transactions.

Oh no! How evil of two sovereign countries to trade in their own currencies!

[...]

Future oil purchases, Hengli said, would be settled in yuan instead of U.S. dollars, the energy market’s main currency—making it harder for outsiders to track the flows.

It was the latest sign of a troubling new development for Washington. More of the world’s illicit activity to evade sanctions is being handled in yuan, as China builds an alternative financial system aimed at weakening Washington’s power to dictate world affairs.

Rules based order: trade between two consenting sovereign states is illicit; bombing kids and using illegal unilateral economic coercion to dictate world affairs is not.

The dominance of the U.S. dollar, currently used in roughly 80% of international trade finance, has historically given Washington a big advantage in policing global business. Most international transactions denominated in U.S. dollars must be settled by American banks, giving Washington the ability to monitor them—and cut off users’ dollars if necessary, crippling their operations.

But when U.S. adversaries use yuan to run their businesses, the transactions don’t enter the U.S.-led banking system, neutering Washington’s powers.

[...]

Tehran uses the money to buy Chinese car parts, solar panels and other goods and services, as well as dual-use inputs—materials purportedly for civilian use that could also be used for weapons—all beyond U.S. jurisdiction.

Those dastardly Iranians, trying to have cars and solar panels! How dare they?

...

Anyway, China winning, Iran winning, stay mad imperialists.

https://archive.ph/B0jlM