Iran, China explore using yuan to settle trade
Reuters / Chen Aizhu

Iran and China are in talks to use the Chinese yuan to settle transactions of oil and projects, as heightened sanctions from the United States and Europe seek to further isolate Tehran from the global financial system.

The idea was raised internally several months ago by state refiner Sinopec, one of the world's largest Iranian oil buyers, and Iran recently made more formal proposals to China, industry sources with direct knowledge of the situation told Reuters.

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