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font-style: italic; color: grey; line-height: 23px; } .tt-post { border: 0px solid #489bd4 !important; -webkit-box-shadow: 0 0px 0 0 #eaeaea !important; -moz-box-shadow: 0 0px 0 0 #eaeaea !important; box-shadow: 0 0px 0 0 #eaeaea !important; } @media only screen and (min-width: 769px) { .relatedsingle{ height: 396px; } .h1, .h2, .h3, h1, h2, h3, .tt-title-text{ margin-top: 0px !important; margin-bottom: 0px !important; } } #fkgUBk { display: none; } </style> <meta name="twitter:card" content="summary_large_image" /> <meta name="twitter:description" content="Russian news agency Sputnik said the move was designed to bolster cooperation among Shanghai Cooperation Organisation nations ``as a bulwark against US sanctions.''" /> <meta name="twitter:title" content="Iran Wants New Currency for China Bloc With 30% of Global GDP" /> <meta name="twitter:site" content="@ATFinancial_" /> <meta name="twitter:image" content="https://www.asiafinancial.com/wp-content/uploads/2021/05/china_iran_foreign_ministers_wang_yi_left_and_m_mad_zarif_javad_after_signing__Ef9lSZ6.jpg" /><script type="application/ld+json">{ "@context": "http:\/\/schema.org", "@type": "newsarticle", "inLanguage": "en", "url": "https:\/\/www.asiafinancial.com", "articleBody": " \r\n\r\nIran has proposed that the Shanghai Cooperation Organisation (SCO) introduce a new single currency for its nine member states that together account for almost a third of global output.\r\n\r\nThe proposal was\u00a0revealed last week by Mehdi Safari, Iran's Foreign Minister for Economic Diplomacy, according to Iran's <a href="https:\/\/en.irna.ir\/news\/84775351\/Deputy-FM-Iran-proposes-single-SCO-currency"><strong>Islamic Republic News Agency<\/strong><\/a>. He said the use of a single currency by SCO member states would "help them resolve issues they face in trade."\r\n\r\nThe development is an advance on the group's earlier discussions about settling trade in local currencies as part of an aim to counter <a href="https:\/\/www.globaltimes.cn\/page\/202109\/1234617.shtml"><strong>US dollar hegemony<\/strong><\/a>. It comes as sweeping sanctions on Russia by Western nations over its invasion of Ukraine complicate trading arrangements for nations opposed to the sanctions.\r\n\r\n"The proposal follows an effort begun in September 2021 to gradually transition to mutual settlements in national currencies as part of developing SCO members\u2019 financial cooperation and as a bulwark against US sanctions," the Russian news agency <strong><a href="https:\/\/sputniknews.com\/20220603\/iran-proposes-trade-in-single-new-currency-between-all-shanghai-pact-states-1095987679.html">Sputnik<\/a><\/strong> said on Friday.\r\n\r\n \r\n<h3>ALSO SEE:\u00a0<a href="https:\/\/www.asiafinancial.com\/china-failing-russia-on-no-limits-deal-washington-post">China Failing Russia on \u2018No Limits\u2019 Deal: Washington Post<\/a><\/h3>\r\n \r\n<h3>Iran Hit Hard by Sanctions<\/h3>\r\nIran and Russia have both been hit hard by sanctions imposed by Washington, while China <strong><a href="https:\/\/www.asiafinancial.com\/xi-jinping-rails-against-sanctions-in-boao-forum-speech">President Xi Jinping<\/a><\/strong> said in late April that he opposes unilateral sanctions such as those imposed on Russia. The SCO\u2019s nine members include China, Russia, India, Pakistan, and four nations from Central Asia. Iran joined the bloc last September.\r\n\r\nThe Iranian minister is expected to raise the issue at the next SCO summit in September, which is being hosted by Uzbekistan, Sputnik said. Iran first made the proposal in a letter it sent to the SCO almost two months ago, the Iranian news agency said, citing Safari.\r\n\r\nChina and Russia were among SCO members most "vulnerable to" sanctions given the "hostile political relations between them and the US at the current time," according to an article in China's state-run Global Times newspaper last September, citing Dong Dengxin, director of the Finance and Securities Institute of Wuhan University.\r\n\r\n"By extending local currency settlements, SCO countries would lower the risk of being punished by the US via financial means, such as freezing US dollar assets involved in SCO countries' trade," said Dong.\r\n\r\n \r\n\r\n\u2022 Jim Pollard\r\n\r\n \r\n<style>.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }<\/style><div class='embed-container'><iframe src='https:\/\/www.youtube.com\/embed\/f9fUPKO9fro' frameborder='0' allowfullscreen><\/iframe><\/div>\r\n \r\n<h3>ALSO SEE:<\/h3>\r\n \r\n<h3 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/indias-gail-open-to-buying-russian-oil-and-gas-says-chair">India\u2019s GAIL Open to Buying Russian Oil and Gas, Says Chair<\/a><\/h3>\r\n \r\n<h3 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/us-accuses-china-traders-of-funnelling-oil-revenue-to-iran">US Sanctions China Traders Accused of Funnelling Oil Revenue to Iran<\/a><\/h3>\r\n \r\n<h3 class="reports-big-head"><a href="https:\/\/www.asiafinancial.com\/us-reaffirms-warning-to-china-over-supporting-moscow">US Reaffirms Warning to China On Support For Moscow<\/a><\/h3>\r\n \r\n\r\n \r\n\r\n ", "articleSection": "Asia", "mainEntityOfPage": { "@type": "WebPage", "url": "https:\/\/www.asiafinancial.com\/iran-wants-new-currency-for-china-bloc-with-30-of-global-gdp" }, "headline": "Iran Wants New Currency for China Bloc With 30% of Global GDP", "description": "Russian news agency Sputnik said the move was designed to bolster cooperation among Shanghai Cooperation Organisation nations ``as a bulwark against US sanctions.''", "datePublished": "2022-06-07T11:30:07+00:00", "dateModified": "2022-06-07T15:49:09+00:00", "publisher": { "@type": "Organization", "name": "Asia Financial", "logo": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/themes\/atf\/images\/AF-logo-small.png", "width": "640", "height": "97" } }, "author": { "@type": "Person", "name": "Asia Financial" }, "image": { "@type": "ImageObject", "url": "https:\/\/www.asiafinancial.com\/wp-content\/uploads\/2021\/05\/china_iran_foreign_ministers_wang_yi_left_and_m_mad_zarif_javad_after_signing__Ef9lSZ6.jpg" } }</script> <script async src="https://www.googletagmanager.com/gtag/js?id=G-CNH68EHNDT"></script> <script> window.dataLayer = window.dataLayer || []; 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font-size: 12px; font-weight: 500; margin-top: 10px; color: #aaaaaa;"> Wang Yi, China's foreign minister, and his Iranian counterpart Mohammad Javad Zarif bump elbows during the signing of a 25-year cooperation agreement in May 2021. File photo: Reuters. </figcaption> </figure> </div> <div class="content"> <p> </p> <p>Iran has proposed that the Shanghai Cooperation Organisation (SCO) introduce a new single currency for its nine member states that together account for almost a third of global output.</p> <p>The proposal was revealed last week by Mehdi Safari, Iran’s Foreign Minister for Economic Diplomacy, according to Iran’s <a href="https://en.irna.ir/news/84775351/Deputy-FM-Iran-proposes-single-SCO-currency"><strong>Islamic Republic News Agency</strong></a>. He said the use of a single currency by SCO member states would “help them resolve issues they face in trade.”</p> <p>The development is an advance on the group’s earlier discussions about settling trade in local currencies as part of an aim to counter <a href="https://www.globaltimes.cn/page/202109/1234617.shtml"><strong>US dollar hegemony</strong></a>. It comes as sweeping sanctions on Russia by Western nations over its invasion of Ukraine complicate trading arrangements for nations opposed to the sanctions.</p> <p>“The proposal follows an effort begun in September 2021 to gradually transition to mutual settlements in national currencies as part of developing SCO members’ financial cooperation and as a bulwark against US sanctions,” the Russian news agency <strong><a href="https://sputniknews.com/20220603/iran-proposes-trade-in-single-new-currency-between-all-shanghai-pact-states-1095987679.html">Sputnik</a></strong> said on Friday.</p> <p> </p> <h3>ALSO SEE: <a href="https://www.asiafinancial.com/china-failing-russia-on-no-limits-deal-washington-post">China Failing Russia on ‘No Limits’ Deal: Washington Post</a></h3> <p> </p> <h3>Iran Hit Hard by Sanctions</h3> <p>Iran and Russia have both been hit hard by sanctions imposed by Washington, while China <strong><a href="https://www.asiafinancial.com/xi-jinping-rails-against-sanctions-in-boao-forum-speech">President Xi Jinping</a></strong> said in late April that he opposes unilateral sanctions such as those imposed on Russia. The SCO’s nine members include China, Russia, India, Pakistan, and four nations from Central Asia. Iran joined the bloc last September.</p> <p>The Iranian minister is expected to raise the issue at the next SCO summit in September, which is being hosted by Uzbekistan, Sputnik said. Iran first made the proposal in a letter it sent to the SCO almost two months ago, the Iranian news agency said, citing Safari.</p> <p>China and Russia were among SCO members most “vulnerable to” sanctions given the “hostile political relations between them and the US at the current time,” according to an article in China’s state-run Global Times newspaper last September, citing Dong Dengxin, director of the Finance and Securities Institute of Wuhan University.</p> <p>“By extending local currency settlements, SCO countries would lower the risk of being punished by the US via financial means, such as freezing US dollar assets involved in SCO countries’ trade,” said Dong.</p> <p> </p> <p>• Jim Pollard</p> <p> </p> <style>.embed-container { position: relative; padding-bottom: 56.25%; height: 0; overflow: hidden; max-width: 100%; } .embed-container iframe, .embed-container object, .embed-container embed { position: absolute; top: 0; left: 0; width: 100%; height: 100%; }</style> <div class='embed-container'><iframe src='https://www.youtube.com/embed/f9fUPKO9fro' frameborder='0' allowfullscreen></iframe></div> <p> </p> <h3>ALSO SEE:</h3> <p> </p> <h3 class="reports-big-head"><a href="https://www.asiafinancial.com/indias-gail-open-to-buying-russian-oil-and-gas-says-chair">India’s GAIL Open to Buying Russian Oil and Gas, Says Chair</a></h3> <p> </p> <h3 class="reports-big-head"><a href="https://www.asiafinancial.com/us-accuses-china-traders-of-funnelling-oil-revenue-to-iran">US Sanctions China Traders Accused of Funnelling Oil Revenue to Iran</a></h3> <p> </p> <h3 class="reports-big-head"><a href="https://www.asiafinancial.com/us-reaffirms-warning-to-china-over-supporting-moscow">US Reaffirms Warning to China On Support For Moscow</a></h3> <p> </p> <p> </p> <p> </p> <div class="tags"> Tags: <a href="https://www.asiafinancial.com/tag/russia-sanctions" rel="tag">Russia Sanctions</a><a href="https://www.asiafinancial.com/tag/russia-ukraine-crisis" rel="tag">Russia-Ukraine Crisis</a> </div> <div class="author-box"> <div class="profile_images"><img width="96" height="96" src="https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--96x96.jpg" class="avatar avatar-96 photo imgauthor" alt="" loading="lazy" srcset="https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--96x96.jpg 96w, https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--150x150.jpg 150w, https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--24x24.jpg 24w, https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--48x48.jpg 48w, https://www.asiafinancial.com/wp-content/uploads/2023/04/JP-Feb2020--300x300.jpg 300w" sizes="100vw" /></div> <div class="author-content"> <h3><a href="https://www.asiafinancial.com/author/jim">Jim Pollard </a></h3> <p style="font-size: 14px;"> Jim Pollard is an Australian journalist based in Thailand since 1999. 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