The yuan held steady after the US Treasury Department imposed sanctions on roughly 60 entities tied to Iranian oil shipping and procurement on August 25. Several sanctioned entities are based in mainland China and Hong Kong, yet the Chinese currency did not falter. China is Iran’s largest oil customer, accounting for an estimated 80-90% of Iranian crude exports. Washington deliberately spared major Chinese banks from the initial list, which reassured markets. A Trump-Xi summit is scheduled for September 2026, and traders are watching Treasury Secretary Scott Bessent’s warnings about future sanctions on financial institutions.
Source: Read the original article
