Qatar will become the Middle East's first hub for clearing transactions in the Chinese yuan, in a step that could over the long run help Gulf oil exporting countries reduce their dependence on the US dollar.
Industrial and Com
China's central bank has signed a 35 billion yuan ($5.7 billion) currency swap deal with its Qatari counterpart, in a step towards expanding use of the Chinese yuan in a region long dominated by the US dollar.
The deal is expe
World shares were at a six-year high on Tuesday following a record peak on Wall Street, while moves by China to stamp out easy betting on the yuan triggered the currency's biggest drop in over three years.
The upbeat mood amon
Abu Dhabi-based forex and commodities trading firm ADS plans to gain a licence to operate in the UK by early next year and has become one of the first Middle East brokers to start pricing the Chinese currency for customers in the region, its man
The Indian rupee is unlikely to regain ground against the US dollar over the next year as a wide current account deficit and weak reserves weigh on the currency, while the Chinese yuan will strengthen a little to fresh record highs, a Reuters po
Emirates NBD, a leading bank in the region, has announced the launch of CNY (Chinese Yuan Renminbi) currency-denominated account products that include current accounts, call accounts and fixed deposits.
The new products are expect
The yuan edged higher against the dollar on Monday on short-covering triggered by the euro's gains, while a stronger mid-point set by the central bank also helped boost sentiment, traders said.
At a G8 summit
Iran is accepting yuan for some of the crude oil it supplies to China, partly due to US sanctions aimed at limiting Tehran's nuclear programme, and is spending the currency on Chinese goods and services, the Financial Times reported on Monday.
Any decision by the UAE to include the Chinese yuan into the central bank's official foreign currency reserves would be the result of a long-term process, according to the bank's head.
In January, the UAE had signed a three-year cu