New Delhi, April 10 -- It has been China's long-held dream to dethrone King Dollar. Beijing got its first break after Vladimir Putin invaded Ukraine, and Russian lenders were deleted overnight from the messaging system that moves the world's money. However, back in 2022, the yuan was nowhere close to confronting the hegemon. It would take four more years of preparation-and another war-to make it a contender.

I argued in early February that those looking for evidence of the challenge to the US currency in payment flows were searching in the wrong place. For years to come, de-dollarization will remain hidden in additions and alterations to financial plumbing.

But that was before the conflict in the Middle East. A lot has changed in the pa...