James Kynge

Yeah, I mean, I think you're dead right there, Alice.

I think China is using this crisis in Iran, and obviously the conflict is spreading beyond Iran now, to damage U.S.

credibility on the global stage, to portray the U.S.

as a global wrecking ball, and, as you rightly say, Alice, to make commercial capital.

And one area that they're trying to make commercial capital—it's not immediate—

but in the longer term is to slowly replace the dominance of the US dollar with the renminbi.

And, you know, these movements are kind of tectonic in nature.

They happen slowly, but once they do change, then the whole global economic and geopolitical system changes in their wake.

It really does matter a great deal what the world uses to transact its trade and investment flows.

At the moment, it's the US dollar, but the renminbi is rising fairly strongly.

And I think we can now envisage a future in which the renminbi has a much greater share of global settlement, both for trade and for investment.

So yeah, I mean, these are very big forces that have been unleashed.

China is, I wouldn't say enjoying the U.S.

's misfortune, but it is certainly capitalizing on the U.S.

's misfortune and the damage that the U.S.

is doing to its reputation.

Yes, I think so.

And I think this gives China an opportunity to act as the statesman, the peacemaker.

According to Wang Yi, China's foreign minister, he said that the urgent priorities now are firstly to curb the spread of the conflict and prevent other countries from becoming involved, other countries like China.

Saudi Arabia and the UAE, both of which are friendly nations with China, and both of which have been struck by missiles from Iran.