America sanctioned a Chinese refinery for buying Iranian oil. The refinery switched to yuan. Problem solved. That's the whole story of what's happening to U.S. financial power right now.
https://x.com/MarioNawfal/status/2070570286345597315
America sanctioned a Chinese refinery for buying Iranian oil. The refinery switched to yuan. Problem solved.
That's the whole story of what's happening to U.S. financial power right now.
The dollar's dominance gave Washington the ability to police global commerce; dollar transactions run through American banking infrastructure, which means the U.S. can see them, freeze them, sever them.
Beijing spent the last decade building a system where none of that applies.
Iran made $43 billion selling oil in 2024 under full U.S. embargo. Russia runs 90% of its China trade outside the dollar. China's CIPS network is processing $115 billion a day. mBridge settles payments between central banks in digital yuan: no SWIFT, no U.S. banks, no U.S. oversight.
Washington is sitting at a negotiating table offering Tehran unfrozen dollars as the big incentive.
But Tehran already has yuan.
Source: WSJ via / Writer: Oliver
posted by Satish Sharma at
02:17
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