03 January 2016 (15:22 UTC-07 Tango 01)/ 13 Dey 1394/22 Rabi’a’-Awwal 1437/24 Ding-Chou (11th month 4713)

Iran-China Joint Chamber of Commerce announced plans to conduct trade between China and Iran using only the rial (IRR) and yuan (CNY).

Majid-Reza Hariri, boss of Iran-China Joint Chamber of Commerce, admitted that by accepting China’s yuan for oil purchases it would greatly weaken the U.S. dollar (USD).

The details of how Iran and China will exchange currencies, for all trade under the new deal, have yet to be worked out.

In 2014 trade between China and Iran increased by 30% from the previous year.   That trade hit the equivalent of $50-billion USD in transactions.

It should be noted that because of international sanctions, led by the United States, China still owes Iran $20-billion USD for past oil shipments.  However, this past Friday Iranian reports said China began a $17-billion USD investment program into Iran’s petrochemical industry.

World War 3: Iran to push oil to $10 per barrel! U.S. to impose new sanctions! 

Destroy U.S. Dollar: BRICS Bank now using Chinese yuan!