Iran and China are united in their quest to end the dominance of the US dollar in the global financial system, particularly in the oil market. The two countries have found a way to boost the Chinese yuan as an alternative to the greenback. The use of the yuan allows them to evade US sanctions and reduce the cost of trade between the two countries. This is seen as part of a deepening Chinese-Iranian economic cooperation facilitated by China’s currency. However, the yuan is not freely convertible due to Beijing's strict capital controls and cannot exchange currencies across borders.