Specialists: Our dealings in {Chinese yuan} could reach $10 billion annually

by **Rocky** Sun 26 Feb 2023, 5:04 am

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Join date : 2012-12-21

Post n°1

Specialists: Our dealings in {Chinese yuan} could reach $10 billion annually

by Rocky Sun 26 Feb 2023, 5:04 am

Specialists: Our dealings in {Chinese yuan} could reach $10 billion annually

Economical 2023/02/26
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Hoda Al-Azzawi

Specialists believe that financing foreign trade from China in the Chinese yuan currency is a "bold step" that may improve opportunities for obtaining foreign currency and reduce dependence on the dollar, in light of the growing role of the yuan globally.
They expected that commercial transactions in yuan through the Iraqi central bank with Beijing would reach $10 billion annually.
Last Wednesday, the Central Bank launched the "second package" of facilities, which included strengthening the balances of Iraqi banks that have accounts with Chinese banks in the Chinese yuan currency through our accounts with JPMorgan Bank and the Development Bank in Singapore.
The Dean of the Faculty of Business Economics at Al-Nahrain University, Dr. Nagham Hussain Nima, explained to "Al-Sabah", that "the adoption of the Iraqi Central Bank of the Chinese yuan in trade operations between Iraq and China is a bold step on the financial level, and is also an indication of the growing role of the yuan at the international level."
She explained that this is intended for the yuan to be a clearing currency, so that other countries that have commercial and financial dealings with China can pay in the Chinese currency, and thus this encourages the central banks of countries to acquire the yuan as part of their cash reserves.
Nehme indicated that "since its currency was approved by the International Monetary Fund as one of the valid currencies among the components of international reserves, China has sought to establish clearing centers in several regions, including Qatar and the Emirates in the Gulf region, and Beijing pledged that its central bank will provide countries wishing to keep the yuan what they need." from him".
The Dean of the College of Business Economics indicates that, according to the latest statistics, the yuan represents the fourth rank in the world in terms of foreign exchange reserves, after the dollar, the euro and the Japanese yen, at a rate of up to 2.8% of the total foreign exchange reserves in the central banks of countries.
different".
For his part, economic affairs analyst Nabil Jabbar Al-Tamimi said to "Al-Sabah": "The adoption of the Chinese yuan in trade operations is a bold step on the economic and political level, as the Central Bank of Iraq is trying through it to limit the influence of the US Federal Reserve in Iraqi financial transactions, as well as diversification in Managing his money by diversifying the basket of currencies,” expecting that “commercial transactions in yuan through the Iraqi Central Bank with China will reach 5-10 billion dollars.”
He pointed out that the Chinese banking requirements will be the pressure in the financial settlement operations, in addition to the clearing in yuan, and this is what Beijing considers an ambitious step to expand its influence at the expense of other international currencies, especially the dollar.
The American.”
On the internal level, Al-Tamimi said, "The Central Bank of Iraq seeks to reduce the demand for the dollar and limit it by merchants, and to provide other facilities for making merchants' transfers away from the restrictions or requirements of the federal government."

Edited by: Abdul Rahman Ibrahim
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by **Rocky** Sun 26 Feb 2023, 5:22 am

Rocky

Rocky: Admin Assist; Posts : 278278
Join date : 2012-12-21

Post n°2

Specialists: Our dealings in (Chinese yuan) may reach $10 billion annually

by Rocky Sun 26 Feb 2023, 5:22 am

Specialists: Our dealings in (Chinese yuan) may reach $10 billion annually

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Economy News _ Baghdad

Specialists believe that financing foreign trade from China in the Chinese yuan currency is a "bold step" that may improve opportunities for obtaining foreign currency and reduce dependence on the dollar, in light of the growing role of the yuan globally.

They expected that commercial transactions in yuan through the Iraqi central bank with Beijing would reach $10 billion annually.

Last Wednesday, the Central Bank launched the "second package" of facilities, which included strengthening the balances of Iraqi banks that have accounts with Chinese banks in the Chinese yuan currency through our accounts with JPMorgan Bank and the Development Bank in Singapore.

The Dean of the Faculty of Business Economics at Al-Nahrain University, Dr. Nagham Hussein Nema, explained to "Al-Sabah" and was followed by "Al-Iqtisad News", that "the adoption of the Iraqi Central Bank of the Chinese yuan in trade operations between Iraq and China is a bold step on the financial level, and is also an indication of the growing role of the yuan on level in the international arena.

She explained that this is intended for the yuan to be a clearing currency, so that other countries that have commercial and financial dealings with China can pay in the Chinese currency, and thus this encourages the central banks of countries to acquire the yuan as part of their cash reserves.

Nehme indicated that "since its currency was approved by the International Monetary Fund as one of the valid currencies among the components of international reserves, China has sought to establish clearing centers in several regions, including Qatar and the Emirates in the Gulf region, and Beijing pledged that its central bank will provide countries wishing to keep the yuan what they need." from him".

The Dean of the College of Business Economics indicates that, according to the latest statistics, the yuan represents the fourth rank in the world in terms of foreign exchange reserves, after the dollar, the euro and the Japanese yen, at a rate of up to 2.8% of the total foreign exchange reserves in the central banks of countries.

different".

For his part, economic affairs analyst Nabil Jabbar Al-Tamimi said, "The adoption of the Chinese yuan in trade operations is a bold step on the economic and political level, as the Central Bank of Iraq is trying through it to limit the influence of the US Federal Reserve in Iraqi financial transactions, as well as diversification in managing its money through Diversifying the basket of currencies,” expecting that “commercial transactions in yuan through the Iraqi Central Bank with China will reach 5-10 billion dollars.”

He pointed out that the Chinese banking requirements will be the pressure in the financial settlement operations, in addition to the clearing in yuan, and this is what Beijing considers an ambitious step to expand its influence at the expense of other international currencies, especially the dollar.

The American.”

On the internal level, Al-Tamimi said, "The Central Bank of Iraq seeks to reduce the demand for the dollar and limit it by merchants, and to provide other facilities for making merchants' transfers away from the restrictions or requirements of the federal government."

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Added 02/26/2023 - 10:35 AM
Updated 2023/02/26 - 1:59 PM
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Specialists: Our dealings in {Chinese yuan} could reach $10 billion annually

Specialists: Our dealings in {Chinese yuan} could reach $10 billion annually

Specialists: Our dealings in {Chinese yuan} could reach $10 billion annually

Specialists: Our dealings in (Chinese yuan) may reach $10 billion annually

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