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Will Iraq's oil sales turn from petro-dollars to petro-yuan?
[You must be registered and logged in to see this link.] |Yesterday, 23:32 |
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[You must be registered and logged in to see this link.] |Yesterday, 23:32 |
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Baghdad Today - Translator
Today, Wednesday, international agencies and newspapers revealed news of an Iraqi-Chinese agreement for trade exchange in the local currencies of the two countries.
And the Chinese newspaper Global Times said, quoting statements by Chinese officials, translated by (Baghdad Today), that “the Central Bank of Iraq agreed with the Chinese side, to pay the value of trade exchanges (including oil, which constitutes 90% of trade exchanges between the two countries) in Chinese yuan instead. on the US dollar," pointing out that "this will lead to an improvement in the status of the Iraqi dinar," but at "the expense of weakening Iraq's dollar reserves."
Reuters described this step as "the first of its kind in history", to "globalize the Chinese yuan and use it as a global alternative to the US dollar."
The Central Bank did not mention any news about converting its oil sales from (the petro-dollar to the petro-yuan) until now.
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