This from a foreign policy newsletter.
China Reform Monitor No. 984 August 22, 2012
American Foreign Policy Council, Washington, DC
“A formula has been found to foil the U.S. unilateral sanctions” thus allowing China to maintain its oil purchase from Iran, Iran’s Deputy Foreign Minister for Asia-Pacific Affairs, Abbas Araqchi, told the official news agency IRNA. “Any new limitation and sanction imposed by the U.S. and Europe might be effective in the short run but would immediately be foiled through Iran’s innovative ways and mutual cooperation because the other party [China] does not want to buy energy more expensively.” In response to concerns about the quality of Chinese imports to Iran Araqchi said China manufactures “high quality goods. They do not export low quality commodities to Iran; rather, our traders import low quality products.”