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China needs U.S. dollars but is building a hedge against Washington's sanctions
Posted
August 25, 2026
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August 25, 2026
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1:24Now PlayingFollowing the announcement of an “Economic D-Day” against Iran, U.S. Treasury Secretary Scott Bessent warned Chinese banks that they will be sanctioned if they “facilitate transactions and are part of the ecosystem that turns Iranian oil into money.”
China said Tuesday it would “take all necessary measures” to protect itself.
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