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Recent conflicts have highlighted how the renminbi can serve as an alternative. According to maritime intelligence firm Lloyd’s List, at least two ships paid Iran in renminbi to ensure safe passage through the Strait of Hormuz. Payments through China’s financial network jumped nearly 50% last month as countries bought Iranian oil, data from the Atlantic Council shows. Russia, largely cut off from the dollar since its invasion of Ukraine, now settles most of its trade with China using the renminbi.