The Rise of the Petroyuan: Who will win the Global Economic Order?

In the fifth episode in the China Rules series, we look at China’s efforts to reshape to global financial system. One milestone has been the recent designation of Deutsche Bank as a renminbi clearing house. China is pushing hard to increase its influence inside international institutions and to internationalize the renminbi, driven by the Iran war and uncertainty about the US dollar. But with a tradition of strict capital controls and limited liquidity, it’s not clear whether the CCP would be able to underwrite the international order.