Military actions in the Middle East have provoked a sharp increase in payments for oil in yuan and led to the beginning of the reactivation of the petroyuan as an alternative to the petrodollar, Bloomberg reported.
She drew attention to the fact that Iran has begun accepting payments for ships passing through the Strait of Hormuz in yuan. In addition, China's National Cross-Border Interbank Payment System (CIPS) recently recorded a record single-day transaction volume of 1.22 trillion yuan (USD 179 billion). This is the first time that the volume has exceeded 1 trillion yuan.
Chinese officials are constantly working to strengthen economic ties with oil-exporting countries in the Middle East. Chinese authorities are developing an oil trading infrastructure in Shanghai, they have also expanded the scope of CIPS and are currently exploring the possibility of creating an international digital currency platform with the participation of Middle Eastern partners.
According to analysts, the US-Israeli war against Iran, as well as the growing number of contradictions between Washington and its traditional allies, have a negative impact on the attractiveness of the dollar and will have a long-term effect, increasing interest in finding an alternative currency.