Iran could Avoid Economic Blow of US Sanctions by Accepting Chinese Yuan
The Iranian currency shuffle continued again this week as Tehran announced it would take the Chinese yuan as payment for crude oil deliveries from its trading partner in Beijing. While the U.S. secretary of state was in New Delhi convincing one of Tehran's more faithful clients to back away from Iranian crude, Iranian officials were warming to the yuan to process the roughly $20 billion worth of crude oil it sells to China every year. Deadlines for Iranian sanctions are fast approaching, but in a global economy still fueled by petroleum, customers…Read more...
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