From ETF Daily News
''Moreover, evidence of the Hunter scanario can be gleaned by relentless U.S. rhetoric fired at Iran, proxy and ally of China in the Middle East. Iran, a member of George Bush’s ‘Axis of Evil’, has been the target of Cuba-like sanctions by the U.S. since the overthrow of the Shah in 1979, with the latest action to cut the Persian state from the international SWIFT system a sign of retaliation for Iran’s new Kish oil bourse (and Iran’s refusal to accept U.S. dollars as payment for its oil), plunged the rial by 50 percent within days of the announcement. Oil-dependent China receives 400,000 barrels per day from Iran, according to the Rhodium Group, and has agreed to pay Iran with any currency it prefers.
Reminiscent of U.S. embargo of Japan from American oil in March 1941, today, China has replaced Japan as the target of U.S. aggression through the energy market. The Chinese have stated publicly it supports Iran and condemns the sanctions as illegal and does not intend to comply with U.S. wishes to boycott Iranian oil shipments. China knows that in order to strengthen the yuan as a future reserve currency, it must do so by incrementally replacing the dollar with the yuan in the $3 trillion global oil market.''
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