China needs U.S. dollars but is building a hedge against Washington's sanctions

Treasury Secretary Scott Bessent's economic D-Day measures landing a little bit softly yesterday, something of a muted reaction after it was made clear that while Bessent was laying the groundwork for sweeping sanctions on any country doing business with Iran, he wasn't actually taking action just yet. Now, Bessent said that was by design. He said the US was giving everyone the opportunity to remedy bad behavior, but that he didn't want, in his words, to blow up the global financial system.But the primary t ...