The US-Israeli war in Iran could weaken the US dollar’s historic dominance in the oil-rich Middle East and bolster a “petroyuan” alternative backed by China’s currency, according to analysts at a leading European bank.
Fallout from the nearly month-long conflict was testing the “foundations of the petrodollar regime”, while damage to Gulf economies “could encourage an unwind in their foreign asset savings”, Deutsche Bank analysts said in a research note published on Tuesday.
“If the Gulf moves…
Iran war could boost China’s ‘petroyuan’ and weaken US dollar dominance, analysts say
