China Builds Dollar Hedge As U.S. Threatens Chinese Banks Over Iran Oil Ties
Beijing is walking a financial tightrope as Washington escalates sanctions pressure on Chinese institutions linked to Iranian oil transactions. U.S. Treasury Secretary Scott Bessent announced that any entity facilitating “money laundering or sanctions evasion on behalf of Iran risks being cut off from the U.S. financial system.” When pressed specifically on Chinese banks, Bessent warned:…