Against a backdrop of worsening bilateral relations with the United States, news emerged earlier this month of a purported secret deal between China and Iran involving some US$400 billion (S$554 billion) of Chinese investments in the Islamic Republic over 25 years.
While it sparked concerns that the deal could recalibrate geopolitics and pose a potential strategic challenge to the US, analysts say this is essentially the fleshing out of a prior agreement from 2016, and should be viewed as Teheran floating a trial balloon.
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