Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen’s correspondent: An Israeli raid targeted the outskirts of the town of al-Qatrani, Jezzine District
Al Mayadeen’s correspondent: Israeli warplanes launch a raid targeting the vicinity of the Burguz area
Al Mayadeen’s correspondent in southern Lebanon: An Israeli airstrike targeted the outskirts of Jbaa in the Iqlim al-Tuffah region
Al Mayadeen’s correspondent in southern Lebanon: An Israeli airstrike targeted the outskirts of the town of Ansar
Al Mayadeen's correspondent in southern Lebanon: Israeli warplanes launched a series of airstrikes on the al-Mahmoudiyah area
New York Times: Trump plans to meet with Putin as soon as next week
Al Mayadeen's correspondent: Israeli drones repeatedly strike the area targeted by Israeli warplanes in the town of Deir Saryan, preventing ambulance crews from advancing to the scene
Al Mayadeen's correspondent: Israeli warplanes launch a series of raids targeting the outskirts of the town of Deir Saryan
Reuters: 5 soldiers injured by gunfire in shooting at Fort Stewart US military base in Georgia
Trump order imposes additional 25% tariff on goods from India

In a first, Iraq allows using yuan to settle transactions with China

  • By Al Mayadeen English
  • Source: Agencies
  • 22 Feb 2023 15:19
  • 2 Shares
2 Min Read

Iraq's central bank has been acting quickly to compensate for a dollar shortage in domestic markets.

  • x
  • Iraq, China  to use the Chinese yuan to settle transactions
    Chinese yuan to be used for trade transactions with Iraq (AFP)

Iraq's central bank announced on Wednesday that it would allow commerce with China to be settled directly in yuan for the first time.

The central bank has been acting quickly to compensate for a dollar shortage in domestic markets, prompting the cabinet to authorize a currency revaluation earlier this month.

The government's Economic Advisor, Mudhir Salih, said, as quoted by Reuters on Wednesday, that "it is the first time imports would be financed from China in yuan, as Iraqi imports from China have been financed in (U.S.) dollars only."

Related News

Iraq launches large-scale op. against ISIS in Hatra, al-Baaj deserts

China's independent oil firms push into Iraqi giants-dominated market

The move is the latest indication of the Yuan's rising international significance as China steadily opens up its financial systems and some countries want to diversify their currency exposures.

The central bank may, as part of its plan, increase the yuan holdings of Iraqi banks with accounts with Chinese banks, as per the statement.

Another alternative would be to increase local bank balances through the central bank's accounts with JP Morgan and the Development Bank of Singapore (DBS).

The first alternative relies on the central bank's yuan reserves, whilst the second relies on the bank's US dollar holdings at JP Morgan and DBS. Salih stated that the two banks would convert the dollars to yuan and pay the final beneficiary in China.

Read next: De-dollarization: Slowly but surely

  • Iraq
  • Yuan
  • Iraq's central bank
  • China
  • de-dollarization

Most Read

UAE lodges complaint against Israeli ambassador over 'misbehavior'

UAE lodges complaint against Israeli ambassador over 'misbehavior'

  • Politics
  • 1 Aug 2025
Shiekh Naim Qassem giving a speech commemorating the anniversay of martyr Mohammed Saeed Izadi, August 5, 2025, in Lebanon

Sheikh Qassem threatens 'Israel', warns against foreign intervention

  • Politics
  • 5 Aug 2025
Protesters chant anti-Israeli slogans as they carry a banner that reads:" Freedom for Palestine, Alliance stop the war," during a demonstration in support of Palestinians in Gaza, outside the Israeli embassy, in Athens, Monday, June 9, 2025 (AP)

Athens mayor slams Israeli ambassador over Gaza war, graffiti claim

  • Politics
  • 3 Aug 2025
Freed Lebanese freedom fighter Georges Abdallah during an interview on Al Mayadeen, which aired on Sunday, August 3, 2025 (Al Mayadeen screengrab)

Exclusive: Resistance key to building state, Georges Abdallah says

  • Politics
  • 3 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Tech joins the fight: Silicon Valley powers US war drive
Technology

Tech joins the fight: Silicon Valley powers US war drive

Slovenia to ban imports of Israeli settlement goods
Politics

Slovenia to ban import of goods produced in Israeli settlements

IOF pillaged schools in Lebanon, HRW exposes war crimes
Politics

Israeli troops looted, vandalized schools in South Lebanon: HRW

Zelensky’s trust drops after anti-corruption reforms spark uproar
Politics

Trust in Zelensky drops after anti-corruption reforms spark uproar

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS