North Korea’s massive military parade last weekend was an opportunity for the regime to project strength as it copes with crises on multiple fronts. Numerous military advances were on display, including a road-mobile intercontinental ballistic missile that experts believe is the largest of its kind in the world.
Tightening sanctions, the U.S. blacklisted Iran’s financial sector last week. Perhaps in anticipation, Iran’s central bank announced it had adopted the yuan as its reserve currency, replacing the dollar. It looks like another step in China’s push to internationalize the yuan and challenge the dollar’s dominance.