China is joining Russia and EU to set up a "special payments system" and save the Iranian nuclear deal. That’s according to a Globaltimes editorial, which sees such a payment as reducing the reliance of oil trade on the US dollar. But using a payment system other than the dollar wouldn’t work (e.g., the yuan). Matsopoulos sees even more problems with the Euro serving as an alternative to the dollar payment system. “Like it or not every country engaged in the dollar trade must be aligned with America’s political might.” concludes Matsopoulos.

Source: Forbes September 29, 2018 14:26 UTC