DID Press: CNN, citing a senior Iranian official, reports that Iran is considering allowing a limited number of tankers to transit the Strait of Hormuz, provided all oil transactions are conducted in Chinese yuan.
Currently, the majority of global oil trade is denominated in US dollars, but Iran’s move to settle sales in yuan could significantly alter these dynamics.
China has been promoting the use of its currency in global energy markets for several years, and this development could bolster that effort.