自从今年2月底美国与以色列对伊朗发动战争以来，国际油价飙升，全球能源供应链陷入动荡。

在高油价压力下，美国放宽了对伊朗石油的部分制裁，并延长对俄罗斯石油的制裁豁免。有观点认为，这一局势有力地推动了人民币成为中东石油的交易货币，为人民币国际化创造了契机。

中东主要产油国阿拉伯联合酋长国（阿联酋）不久前宣布退出欧佩克（OPEC），有关“石油人民币”的话题再次引发热议。

伊朗战争是否正加速人民币国际化的进程？中国政府是在有意识地推动这一议程，还是这仅仅是自媒体博主为吸引流量而炒作的话题？

这期的早报播客《东谈西论》，听主持人韩咏红与新加坡管理大学李光前商学院副教授傅方剑为您深度解析。

延伸阅读：

• 特稿：伊朗战事助推人民币国际化 能源多元化挑战美元霸权
• 韩咏红：美伊战争中国得利？

Global oil markets are at the centre of a deepening geopolitical crisis. The US-Israel military campaign against Iran, which began in late February 2026 and killed Supreme Leader Ali Khamenei, prompted Iran to close the Strait of Hormuz, sending oil prices to record levels. Washington issued temporary sanctions waivers for Iranian and Russian oil in March, though these have since expired.

Against this backdrop, debate has revived over whether China's renminbi (RMB) is gaining traction in energy trade. Some oil transactions involving China have been settled in RMB, and Beijing has expanded cross-border payment systems and bilateral currency swap arrangements. Yet the US dollar continues to dominate global reserves, trade invoicing and oil pricing, with wider RMB adoption constrained by capital controls, limited financial market depth and transparency concerns.

This episode of Global Heartbeat examines the reality behind the "petro-renminbi" narrative. Host Han Yonghong speaks with Associate Professor of Finance Fu Fangjian from Singapore Management University's Lee Kong Chian School of Business on how sanctions, great-power rivalry and energy security are reshaping the global monetary system.

Hosted by Lianhe Zaobao’s Associate Editor, Han Yong Hong, Global Heartbeat is a Mandarin weekly news and current affairs podcast that is updated every Tuesday, 7.00 PM SGT. It is available on zaobao.sg, Apple Podcast, Spotify and other podcast platforms.