Introduction  1

What Iranian Cross-Border Transactions Tell Us About the Dollar  2

Understanding Beijing's Push to Grow the Renminbi's Use in the Global Oil and Gas Trade  3

Despite the Conflict, No Indications Yet of Lasting Changes in Renminbi Usage  6

Beijing's Ability to Grow the Renminbi's Global Role in the ShortTerm Remains Highly Constrained  8

Limited Global Access to RenminbiDenominated Assets Acutely Affects the Currency's Use  10

China's Future Restrictiveness on Cross-Border Financial Flows Is Uncertain  11

The Limitations of China's Central Bank Swap Lines  12

Will Structural Constraints to the Renminbi's Rise Persist?  15

Notes  16