In this Gateway Pundit article, Antonio Graceffo argues that claims of the dollar’s imminent collapse are being exaggerated, especially arguments pointing to Russia and Iran’s use of China’s yuan as proof of a major global currency shift.
- Graceffo says Russia and Iran have not embraced the yuan out of strength or preference, but because sanctions have restricted their access to dollar-based transactions.
- The article argues that Russia never agreed to conduct all China trade in yuan, instead using a mix of rubles and yuan for bilateral settlements.
- Graceffo points to Russian capital controls as evidence that Moscow still wants access to hard foreign currency, especially dollars, rather than being eager to abandon the dollar system.
- The piece says Iran’s yuan-based oil trade with China is similarly sanctions-driven, not evidence of genuine confidence in the yuan.
- Graceffo dismisses claims that the yuan is gold-backed, saying China has never created a fixed gold-convertibility mechanism for the currency.
- The article highlights that the yuan remains a small player in global payments and reserves compared with the dollar and euro.
- Graceffo argues that the yuan cannot become a serious reserve-currency replacement while China maintains strict capital controls and the currency is not freely convertible.
- The article also says alternatives to SWIFT, including China’s CIPS and Russia’s SPFS, lack the scale, liquidity, and institutional reach needed to replace the dollar-centered system.
- Graceffo concludes that U.S. debt, while politically and economically serious, is also the mechanism through which dollar dominance operates because Treasuries remain the world’s primary reserve asset.
Read the full story: https://www.thegatewaypundit.com/2026/06/neither-russia-iran-are-fans-chinese-yuan/
