Our leaders' embargo on Iran may fail? Does that signal a return of the Silk Road?
The increase in trade with Iran comes as sanctions make it harder for trading partners such as Turkey, India and China to pay in dollars and euros.
Iran said in February it would accept payment in any local currency or gold.
Reuters report today that Iran is accepting payments in yuan for some of the crude oil it supplies to China, the Iranian ambassador to the United Arab Emirates said on Tuesday. "Yes, that is correct," Mohammed Reza Fayyaz told Reuters when asked to comment on an earlier report in The Financial Times.
The newspaper cited unidentified industry executives in Beijing as saying most of the oil that goes from Iran to China is handled by the Unipec trading arm of Sinopec China's second-largest oil company, and through another trading company called Zhuhai Zhenrong.
Fayyaz also confirmed that Iran was spending the currency on goods and services imported from China.
(h/t to @ImplodeOMeter)