At present, the hydrocarbon economies of the GCC region use the US dollar much more than the Chinese yuan
as most GCC currencies are pegged to the US dollar and it is the default currency for oil trading.
Abdul-Razaq added that this account will facilitate the payment by the Chinese Yuan
to the bank clients, in addition to encouraging the commercial exchange with their Chinese counterparts based on the preference conditions, indicating that the agreement with the Bank of China will be an important factor in boosting the commercial flow between the two countries.
The dollar was down in Chinese yuan
minus 17 percent, British pounds minus 23 percent, and Canadian dollars minus 32 percent.
This coupled with the condition that the Chinese Yuan
is firmly tied to the dollar is causing Chinese goods to become more inexpensive in Europe than at any time in modern history.
South Korea's finance minister Kim Jin Pyo says a stronger Chinese yuan
may slow growth in the country's second-biggest overseas market, suggesting he won't join a chorus on nations pushing China to allow its currency to appreciate.
dollar freely fluctuates relative to most foreign currencies, such is not the case with the Chinese yuan
Economic and fiscal policy minister Heizo Takenaka said Tuesday the value of the Chinese yuan
should be more actively discussed in light of the country's growing economic power.
China's exports have increased rapidly since the effective devaluation of the Chinese yuan
at the end of 1994, and the country's massive trade surplus - five times larger than that of Japan when scaled to GNP - provides millions of jobs for individuals who would otherwise be unemployed.
There is a lack of understanding of the foreign exchange regulations in converting Chinese Yuan
into a tradable currency like the USD.
China's central bank has devalued the Chinese Yuan
to its lowest rate against the US dollar in almost three years.
Liquidity in the money market has tightened due to dropping new yuan funds outstanding for foreign exchange and a depreciating Chinese yuan
Global Banking News-July 27, 2015--Central bank move does not affect Chinese yuan
To further facilitate cross-border synergies, the adoption of the Chinese Yuan
by local businesses would further boost trade and investments between China and the GCC countries", said Davis Hall, Global Head of Foreign Exchange & Precious Metals Advisory, Credit Agricole Private Banking.
Sberbank has become the first Russian bank to launch financing of letters of credit in Chinese yuan
(CNY), a new product.
Trading in Chinese yuan
is to be conducted during the morning trade session of KASE, with making settlements in Kazakhstani tenge the same day.