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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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    Specialists: Adopting the yuan with Beijing is a 'bold step'...it could reach $10 billion annually

    Rocky
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    • Post n°1

    Specialists: Adopting the yuan with Beijing is a 'bold step'...it could reach $10 billion annually Empty Specialists: Adopting the yuan with Beijing is a 'bold step'...it could reach $10 billion annually

    Post by Rocky Sun 26 Feb 2023, 6:04 am

    [size=30]Specialists: Adopting the yuan with Beijing is a 'bold step'...it could reach $10 billion annually
    [ltr]2023.02.26 - 12:48[/ltr]
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    Baghdad - Nas   
    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.  
      
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    They expected that commercial transactions in yuan through the Iraqi central bank with Beijing would reach $10 billion annually.  
      
      
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    The Dean of the Faculty of Business Economics at Al-Nahrain University, Dr. Nagham Hussein Nima, explained, "The adoption of the Chinese yuan by the Central Bank of Iraq in trade operations between Iraq and China is a bold step on the financial level, and it is also an indication of the growing role of the yuan on the international level."  
      
    And she indicated 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 different countries.  
      
    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 US dollar.  
      
    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."  
      
    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.  
      
    Quoted from the official newspaper  
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