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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

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    Global praise for Baghdad's adoption of the yuan currency in importing Chinese goods

    Rocky
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    Global praise for Baghdad's adoption of the yuan currency in importing Chinese goods Empty Global praise for Baghdad's adoption of the yuan currency in importing Chinese goods

    Post by Rocky Fri 24 Feb 2023, 4:27 am

    Global praise for Baghdad's adoption of the yuan currency in importing Chinese goods
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    Baghdad Today - translation 
    Today, Friday, economists praised the decision of the Central Bank of Iraq regarding the adoption of the Chinese yuan as an alternative to the US dollar in commercial transactions between the two countries, according to the Asian "Yakai Global" network. 
    The network said, according to a report translated by (Baghdad Today), that "the specialists see in Baghdad's decision a great opportunity to improve the conditions of the global oil market," explaining that "the adoption of the yuan as a financial consideration for oil will give China a greater say in the affairs of its international market," as they described. 
    Experts confirmed, according to the network, that the Iraqi decision is an "unprecedented historical step," announcing that "this is the first time in history that a Middle Eastern country sells its oil for the Chinese yuan," expecting that "the Chinese currency will witness international popularity."  
    The director of analysts at the CITIC Center, Guay Tenchix, assured the network that "the Iraqi decision represents an unprecedented step for the globalization of the Chinese yen against the US dollar and gives Beijing the opportunity for it and its companies to be a force in the world of the oil market," explaining that "the adoption of the yuan will reduce the risks of the exchange rate discrepancy between Baghdad And Beijing, especially since the latter is still very dependent on Iraq for its access to crude oil. 
    It is noteworthy that the Central Bank of Iraq took a decision on the twenty-second of this month to adopt the Chinese yen as a substitute for the dollar in commercial transactions between the two countries, including the sale of oil and the import of goods and commodities, with the aim of reducing dependence on the dollar and obtaining stocks of other foreign currencies, as Iraq represents the third largest The countries of the world export oil to China at an import rate of 55 million tons, according to the network. 
    The network also indicated the possibility of concluding a similar agreement with Saudi Arabia that guarantees the use of the yuan as an alternative to the dollar in economic and oil transactions between the two countries, prompted by the step taken by Iraq.
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