Frank Chen
With global attention fixed on the US and Iranian shipping blockades in the Strait of Hormuz and how many vessels have traversed the critically important waterway, a leading Chinese investment bank has been calculating the long-term gains and losses and how they could rewrite the global economic order.
The United States was on the horns of a dilemma over the strait that might herald an acceleration of Washington’s strategic retreat and its increasingly transactional relationships with other powers, Beijing-headquartered Citic Securities said in a report.
Comparing the situation to the “Suez moment” in the 1950s – when Britain lost control of the Suez Canal along with its global superpower status – Citic Securities analysts wrote on Saturday that a similarly consequential “Hormuz moment” could be a watershed for America’s global supremacy.
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