The recent increase in the use of China's currency by oil exporters like Russia and Iran, driven by the Iran war and a desire to evade US sanctions, indicates a slight decline in the dollar's dominance; however, the dollar still accounts for approximately 90% of cross-border transactions and 60% of global foreign exchange reserves, suggesting it remains the primary global reserve currency.
The notable insight for you is the increasing use of China's currency by oil exporters like Russia and Iran to circumvent US sanctions, which signals a potential shift in global economic alliances and strategies to undermine the US dollar's dominance. However, it is crucial to recognize that despite these developments, the US dollar remains dominant in 90% of cross-border transactions and 60% of global foreign exchange reserves, highlighting the challenges any currency, including China's, faces in dethroning the dollar. This suggests a need to monitor geopolitical maneuvers leveraging currency strategies as potential economic pressure points.