A Chinese government-affiliated scholar last week said the volume of yuan-denominated crude oil has picked up due to the conflict, while official media reported that the nation’s Cross-Border Interbank Payment System (CIPS) recently recorded a single-day transaction record of 1.22 trillion yuan ($179 billion), surpassing the 1 trillion mark for the first time. Deutsche Bank AG strategist Mallika Sachdeva captured the sentiment in a recent note, saying the war “could be remembered as a key catalyst for erosion in petrodollar dominance, and the beginnings of the petroyuan.”