With talks at an impasse, both sides are holding to positions their opponents call unacceptable, while the economic pain caused by the Strait of Hormuz blockade continues to grow.
As the government has been devising plans to keep the dollar dominant, China has been making its own moves to increase global influence of the renminbi.
China’s top diplomat also warned against the restarting of hostilities as he met with Iran’s foreign minister. The U.S. has urged China to pressure Iran to reopen the waterway.
With President Trump’s visit to Beijing looming, China is pushing Iran to negotiate even as its companies export material that could be used by Iran’s military.