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Iran May Allow Strait of Hormuz Oil Trade in Chinese Yuan, Report Says

The brief report says Iran may permit oil tankers through the Strait of Hormuz if transactions are settled in Chinese yuan rather than U.S. dollars.

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Terms & Concepts
  • Chinese yuan: China’s official currency, also known as renminbi, used in cross-border trade settlements.
  • Strait of Hormuz: A strategic shipping chokepoint through which a large share of global oil exports passes.