Iran, China move to promote Yuan in oil trade amid US-Israel ceasefire

As the US-Israel conflict with Iran paused for two weeks on Wednesday amid new diplomatic negotiations disrupting the global economy for over a month, Iran and China have seized the moment to address a shared concern about the international financial system. For years, they have argued that Washington has used the dollar’s dominance in global trade to exert influence and punish adversaries and rivals, including Iran and China. The dollar’s supremacy is particularly evident in the global oil market, where approximately 80 percent of transactions are settled in the currency, according to a 2023 estimate by JP Morgan Chase. In…