China needs U.S. dollars but is building a hedge against Washington’s sanctions
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Source: CNBC
Published: 2026-08-25 22:42 UTC+10:00
Section: General
Factuality Score: 100
Opinion Category: Neutral
Topics: Middle East, Asia, Iran, Economy & Finance, China, US Politics, Business & Economy, Asia Pacific
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Snippet:
BEIJING — The U.S. is threatening to cut businesses that help Iran evade sanctions off from the American financial system. It puts China's banks in an uncomfortable position: Beijing can reject the demands, but its biggest lenders still have strong incentives to preserve access to U.S. dollars.
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