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Thursday, 27 April 2017

China's ICBC Doha clears more than $86 bln in yuan transactions | Reuters

China's ICBC Doha clears more than $86 bln in yuan transactions | Reuters:

"Industrial and Commercial Bank of China has cleared more than 590 billion yuan ($86 billion) in transactions in Qatar in the nearly two years since it opened its clearing centre in the Gulf state, an executive told Reuters.

The move reflects a surge in trade and investment between China and Gulf Arab states in recent years, though most business between the two sides is still conducted in U.S. dollars.

The clearing centre was launched in June 2015 as the Middle East's first location for clearing transactions in the yuan to promote business ties. A clearing centre can handle all parts of a currency transaction from when a commitment is made until it is settled, reducing costs and time taken for trading.

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