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US sanctions impact Chinese banks over Iran oil
Chinese banks are facing significant pressure following warnings from the U.S. Treasury Department about sanctions on institutions involved in converting Iranian oil revenues into financial gains. This poses a threat of their isolation from the international financial system. Although Beijing has rejected these sanctions and affirmed its commitment to protecting its interests, Chinese banks remain eager to access the U.S. dollar, which dominates approximately 80% of global trade finance, compared to just 8.4% for the yuan. China is working to strengthen an alternative international payment network and develop currency exchange agreements with countries such as Argentina and Australia. These efforts are taking place in the context of tensions surrounding an upcoming summit between the American and Chinese presidents, aiming to prevent escalation that could hinder economic cooperation or disrupt supply chains.
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