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00:02Chinese automaker Cherry Automobile has increased barter trade with Iran amid U.S. sanctions
00:07imposed by President Trump after he exited the Iran nuclear deal in 2018, that according to
00:12Bloomberg. The arrangement allows Cherry, China's largest vehicle exporter, to exchange semi-knockdown
00:17vehicles for Iranian copper and zinc through intermediaries instead of using U.S. dollars.
00:22This structure avoids violating sanctions since transactions don't involve U.S. or European
00:26currencies. Cherry's partner, MVM, assembles the vehicles locally, while Iran's Tongling
00:32non-ferrous metals group distributes the oars in China. News files Trump's recent diplomatic
00:36remarks on improving ties with Tehran and Cherry's $1.2 billion IPO in Hong Kong, who saw shares
00:42jump 11% to HK$3.4.16.
00:47For all things money, visit Benzinga.com.
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