The Iran War Likely Has Hurt Beijings Ambitions for the Yuan

A helicopter flies over the Red Zone area, amid heightened security measures ahead of anticipated U.S.–Iran peace talks, in Islamabad, Pakistan, on April 20, 2026.Aamir Qureshi/AFP via Getty ImagesCommentaryFighting in the Persian Gulf has upset government and business calculations the world over. The belligerents—the United States, Iran, and to a lesser extent Saudi Arabia and other petro states in the area—have, of course, had to rethink strategies that seemed reasonable only a few weeks ago.