Exclusive: U.S. expected to grant Iran sanction exceptions to China

[ahfatzia]

The US sanctions, in addition to granting China preferential access to the Iranian economy, are also facilitating the gradual displacement of the US dollar from the absolute center of the world financial system and compromising a critical weapon in the American soft power arsenal.

China also has concluded swap agreements with Brazil, Australia, Turkey, and the United Arab Emirates that enable them to conduct significant chunks of their bilateral trade in their local currencies without reference to the US dollar. Russia-China trade is already normalized on a ruble to yuan basis. Japan is considering a swap agreement with China. Hong Kong & Shanghai Bank estimates that China will soon be settling half of its international trade in non-US currencies, making the yuan the number three international currency in the world.

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Within a decade the Yuan will on par with the US dollar hegemony and both will be the transaction currencies of the world. Bad news for the US(her own doing), but good news for China and those nations that seek alternative substitutes.

 

[ahfatzia]

China should be more confident when dealing with the US in the future, be more determined when resisting pressure from the US, and tougher over compromise. We should speak out and voice our core interests and the bottom line, and not be too worried at the beginning about US reactions.

Sanctions exemption shows China?s power - Globaltimes.cn