Michal Meidan

Because China has a lot of coal.

So it's going to be between renewables and coal as a way of ensuring that the electricity needs of China's massive industry are met.

I mean, you'll have a much better view of this than I do, but there's definitely a push to move away from the dollar, especially by sanctioned countries, right, that have to resort to trade in RMB.

So it's just as much about the move away from the dollar, about de-dollarization, as it is the kind of Petro-Yuan.

There's still lots of issues with the Yuan not being convertible.

And many countries are not sort of very gladly moving to trading in Iran.

If they don't have to, think of Saudi Arabia, think of some of the big oil producers, Iraq, their economies are still pegged to the dollar.

And so they don't want to necessarily move to the UN, but it's a hedge.

And it's a hedge that is increasingly useful, especially for countries that are coming under pressure from the US and need to

sort of de-risk against sanctions.

So it's an alternative, but I don't think it's going to dethrone the dollar anytime soon.