UAE Considers Using Yuan or Other Currencies if Dollar Reserves Deplete Amid Iran War
UAE officials have indicated they may turn to the yuan or other currencies for oil transactions if dollar reserves become scarce due to the Iran war. This development could challenge the dollar's dominance in global oil trade. The UAE has significant foreign-exchange reserves but is concerned about potential liquidity issues if the conflict escalates.
Topics: currency swap dollar dominance Iran war petrodollar regime UAE