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Margins to boost Gulf's use of Chinese yuanChanging trading patterns and pressure to improve profit margins will boost the Gulf's use of the Chinese yuan in coming years, the head of banking giant HSBC's China operations has said. More… |
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Emirates NBD introduces Yuan accountsEmirates 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 More… |
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Yuan inches higher against dollarThe 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 More… |
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Iran accepts yuan in exchange for oilIran 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. More… |
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UAE says yuan inclusion a long-term issueAny 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 More… |
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China's yuan band to double says pollChina could double the daily trading range allowed for the yuan currency as soon as the second quarter and cut 150 basis points more from bank reserve ratios this year to boost credit growth as the world's second-largest economy slows, according t More… |
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DIFC likely to allow yuan transactionsThe Dubai International Financial Centre (DIFC), the UAE's financial hub, expects to permit transactions in Chinese yuan from this year, industry sources told Reuters on Thursday. The change would represent an important step in China's dr More… |
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UAE, China sign $5.5bn currency swap dealChina and the United Arab Emirates on Tuesday signed a currency swap agreement worth 35 billion yuan ($5.54 billion), the People's Bank of China said, adding that the deal was effective for three years and would boost two-way trade and investment. More… |
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China 'moving to more convertible yuan'China's central bank governor argued in comments published that Beijing does not control the yuan's flow across borders as tightly as some think and that it is natural for the currency's trading band to be widened over time. Zhou Xiaochuan More… |
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Yuan 'could challenge dollar in 5 years'China's economy is moving up the value chain and its currency could "mount a challenge" to the US dollar in five to ten years, a congressionally created commission reported. Gone are the days when Beijing was content to be the low-end fact More… |
