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
Egyptian PM Mostafa Madbouli: Egypt is targeted in plans to redraw regional map
AEOI Chief Mohammad Eslami: Our presence in IAEA General Council and fact-checking helped in preventing unilateral rhetoric that aims to portray Iran as an unregulated country
AEOI Chief Mohammad Eslami: We witnessed new, stricter stances from European countries since signing new agreement with IAEA
Saree: Our UAV force targeted the so-called Ramon Airport in the Umm al-Rashrash area in southern occupied Palestine
YAF spokesperson Brigadier General Yahya Saree: Our rocket force carried out an operation with a Palestine 2 hypersonic ballistic missile targeting a sensitive target in the occupied Yafa area
Trump administration clears first Ukraine arms aid package paid for by allies: Reuters, citing sources
Saudi Crown Prince Mohammad bin Salman receives Secretary of Iran's Supreme National Security Council Ali Larijani at his office in Al-Yamamah Palace
Wakim: Surrender is not in our dictionary, and it is not true that "Israel" can implement its project in Lebanon and the region
Wakim: The US is preventing the armament of the Lebanese army. The question is, why are the weapons it is handed over by the Resistance being destroyed?
Wakim: The Resistance is required to hand over its weapons to the [current] authority. The question is: Is this authority independent or subservient to America?

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

Arab-Islamic summit slams Israeli strike on Qatar, urges unity

Iraq's Al Sudani urges Islamic defense alliance after Doha strike

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

Pro-"Israel" conservative Charlie Kirk shot during Utah speech

American far-right activist Charlie Kirk shot dead during Utah speech

  • US & Canada
  • 11 Sep 2025
Uprising against Volker Turk at the Human Rights Council over Gaza.

Uprising against Volker Turk at the Human Rights Council over Gaza

  • Politics
  • 12 Sep 2025
A screengrab from the ad played on Fox News. (X Screengrab)

Fox airs ad warning Trump not to let Netanyahu 'play' him on Gaza

  • US & Canada
  • 11 Sep 2025
Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

Lapid: Egypt’s Arab Force plan a 'severe blow' to normalization

  • Palestine
  • 14 Sep 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Britain Trained Israeli Soldiers Involved in Gaza War: Declassified
Europe

UK training of Israeli officers sparks outcry over Gaza war complicity

Luxembourg's Prime Minister Luc Frieden arrives for an EU summit at the European Council building in Brussels, Thursday, June 26, 2025. (AP Photo/Omar Havana)
Politics

Luxembourg to recognize Palestine at UN summit next week

European Union flags flap in the wind outside EU headquarters in Brussels, Wednesday, Sept. 3, 2025 (AP)
Politics

EU exec. branch to adopt new sanctions against 'Israel' on Wednesday

Charlie Kirk killing suspect faces charges in Utah court hearing
US & Canada

Charlie Kirk murder suspect faces formal charges in Utah court hearing

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