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
Russian agency: Russia will conduct a nuclear test if the US does
Al-Nakhalah: We are the rightful owners, and we must fight to retrieve our rights
Al-Nakhalah: The enemy and its allies must know that we can never surrender to their terms and diktats after all the sacrifices made
Al-Nakhalah: The prisoner exchange clause can be completed in the next few days, and thus we will have pulled the [explosion] fuse and removed the enemy's justifications for aggression
Al-Nakhalah: The Resistance has expressed its willingness to negotiate on the basis that there are items that can be dealt with positively, the first of which is the prisoner exchange item
Al-Nakhalah: Trump's plan entails the Palestinian people's declaration of complete surrender to the enemy
PIJ Secretary-General, Ziyad al-Nakhalah, in an address aired on Al Mayadeen: The Resistance is engaging in a fierce negotiating battle under the so-called Trump plan
Russian Federation Council approves joint military cooperation agreement with Cuba
Al-Nunu: Today, the lists of prisoners required to be released, the agreed-upon criteria and numbers, were exchanged
Al-Nunu from Sharm el-Sheikh: Negotiations focused on mechanisms for implementing an end to the war, the withdrawal of occupation forces from the Gaza Strip, and the exchange of prisoners

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

ExxonMobil set to re-enter Iraq with new Majnoon oil field deal

Iraq aims to end gas flaring by mid-2029

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

Tucker Carlson speaks at a memorial for Charlie Kirk, Sunday, September 21, 2025, at State Farm Stadium in Glendale, Arizona (AP)

Tucker Carlson: Israeli officers gave orders on Iran inside Pentagon

  • Politics
  • 2 Oct 2025
A Hamas fighter in combat fatigues stands before the ceremony for the handover of Israeli captives to the Red Cross in Nuseirat, central Gaza Strip, Saturday, February 22, 2025 (AP)

Hamas responds to Trump plan, backs Gaza withdrawal, exchange

  • Politics
  • 3 Oct 2025
Mossad’s secret role in Aldo Moro’s 1978 murder revealed

Mossad’s secret role in Aldo Moro’s 1978 murder exposed

  • Politics
  • 5 Oct 2025
Al-Quds Brigades strike a command and control center north of Khan Younis, southern Gaza Strip, in an undated screengrab from the al-Quds Brigades military media

Gaza resistance announces major operations against Israeli forces

  • Politics
  • 1 Oct 2025

Coverage

All
War on Gaza

Read Next

All
Retired Israeli General Brik says Israel has reached point of no return.
Politics

Retired Israeli General Brik: 'Israel has reached point of no return'

Depleted by foreign wars, US seeks to re-arm for another confrontation
Politics

Depleted by foreign wars, US seeks to re-arm for another confrontation

Gaza’s newborns gasp for life as hospitals collapse amid Israeli war
Health

Gaza newborns gasp for life, share oxygen masks amid collapsed system

UK arms exports to 'Israel' reach record high despite ban calls
Politics

UK arms exports to 'Israel' reach record high despite ban calls

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