The China-Russia partnership is a highly consequential geopolitical alignment driven by a shared goal of countering U.S. hegemony and reshaping the international order into a multipolar system. While not a formal alliance, this relationship is strengthened by Russia's increasing economic reliance on China following Western sanctions, which allows Beijing to leverage its influence. Policymakers should note that while the partnership projects deep solidarity (as seen in high-level summits), it remains complex and limited by mutual mistrust and competing strategic interests. This enduring alignment poses a significant challenge to U.S. interests and requires continued diplomatic vigilance.
Dollar dominance is surviving the Iran war – just about
English Summary
While US assets demonstrated relative resilience and maintained their safe-haven status during the Iran conflict, the Chatham House analysis cautions that this stability may be conjunctural rather than structural. The good performance of the dollar and US markets may simply reflect the US's current economic insulation, particularly its status as a major energy and weapons producer. Policymakers should note that this reliance on US strength is challenged by the remarkable stability of rival economies, such as China, whose financial calm suggests that global currency dominance is subject to multiple, non-US-centric factors.
中文摘要
儘管美國資產在伊朗衝突期間展現出相對韌性並維持了其避險資產地位，查塔姆學會的分析警告稱，這種穩定性可能只是偶然的，而非結構性的。美元和美國市場的良好表現，可能僅反映了美國當前的經濟隔離狀態，特別是其作為主要能源和武器生產國的地位。政策制定者應注意，這種對美國實力的依賴正受到競爭對手經濟體（如中國）顯著穩定的挑戰，而中國的金融平穩狀態暗示著全球貨幣主導地位，受制於多重、非美國中心因素。
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