Monday 6 July 2015
 
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Currency

RMB use for payments with China, Hong Kong up 327pc

Leading portfolio of financial crime compliance services SWIFT’s RMB Tracker showed that the value in weight of the RMB used for payments exchanged with China and Hong Kong within Asia Pacific increased 327 per cent between April 2012 and

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Cameron sweeps to unexpected triumph in UK election

Prime Minister David Cameron won an emphatic election victory in Britain, overturning predictions that the vote would be the closest in decades to sweep into office for another five years, with his Labour opponents in tatters. The

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Saudi Arabia drawing down FX reserves to cover deficit

Saudi Arabia has begun drawing down its foreign currency reserves for the first time since 2009 to cover a record state budget deficit caused by the plunge in oil prices, data from the Saudi central bank indicated on Thursday. Tens of b

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Dollar hits 11-year high after China rate cut

The dollar hit an 11-year high against a basket of major currencies on Monday, with the greenback gaining a broad lift after an interest rate cut in China dented the Chinese yuan and emerging Asian currencies. The dollar rose to a

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Alert over fake Saudi currency in Bahrain

Money exchange firms in Bahrain have stepped up vigilance amid unconfirmed reports of fake Saudi currency circulating in the market. Representatives of three companies in Bahrain, asked not to be identified, said they were aware o

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Dollar on track for best annual gain in nine years

The dollar was on track Thursday to end 2014 with a gain of 12 per cent against a basket of major currencies, and anticipated US interest rake hikes may strengthen its appeal in the new year. This year's gain will be the dolla

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DGCX launches 3 new emerging market currency futures

Dubai Gold and Commodities Exchange (DGCX) has launched three new currency contracts, expanding its suite of emerging market (EM) products. It includes the Russian Ruble Futures, Korean Won Futures and South Africa Rand Futures, s

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Boao Forum focus on currency, infrastructure

Currency and infrastructure were the two main topics that panellists and attendees chewed over during the Boao Forum, held recently in Dubai, UAE. Solving the issues around these central tenets was deemed imperative to both succes

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Qatar to become first Mideast clearing hub for China's yuan

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

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China signs $6bn currency swap with Qatar

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

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