I think this and other developments that indicate a decline in the hegemony of the US dollar and the US Empire is sometimes written about in a much too casual way.
Under above scenarios, the 40 years of political and economic marriage of convenience between Saudi Arabia and the US would likely change. Iran could well emerge as the regional Middle East superpower and a close Chinese and Russian ally under the Shanghai Cooperation Organization (SCO) – a new OPEC with nuclear bombs as suggested in brevity by Professor David Wall in Matthew Brummer’s Journal of International Affairs The Shanghai Cooperation Organization and Iran: A Power-Full Union. Could that well lead to World War 3 or history may refer to it as “the petrocurrency war”?By the way, a key reference link is missing for the Reuter's article from which Mitha extracts some key quotes:
As per a Reuters report of 9 March 2015 “the launch of the CIPS will remove one of the biggest hurdles to internationalizing the yuan and should greatly increase global usage of the Chinese currency by cutting transaction costs and processing times”. Reuters mentioned that “CIPS will become the superhighway for the yuan”.