Wednesday 26 November 2014
 
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Yuan

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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Global stocks hit six-year peak on equities

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

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ADS to enter UK in 2014, starts pricing yuan

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

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Indian rupee ‘unlikely to recover aaginst dollar’

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

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Margins to boost Gulf's use of Chinese yuan

  Changing 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.  

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Emirates NBD introduces Yuan accounts

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

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Yuan inches higher against dollar

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

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Iran accepts yuan in exchange for oil

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.

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UAE says yuan inclusion a long-term issue

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

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