It's all about gas? Qatar, China agree on $6 billion currency swap
The swap agreement is valid for three years and may be extended by mutual consent.
In a statement on its website the People's Bank of China revealed it has signed a bilateral currency swap agreement with Qatar Central Bank worth CNY 35 billion (QAR 20.8 billion [$5.7 billion]). The swap agreement is valid for three years and may be extended by mutual consent. At the same time, the two sides signed a memorandum of cooperation in Doha to establish renminbi clearing arrangements, and agreed to expand the renminbi qualified foreign institutional investors (RQFII) pilot areas to Qatar, with an initial investment quota of CNY 30 billion ($4.9 billion). The arrangements mark a deepening of the financial cooperation between the two countries to use cross-border currency trade to promote bilateral trade and investment facilitation and maintain regional financial stability.
- Al Tayer bucks the US department store trend with Bloomingdale's Kuwait opening
- Gulf Islamic banks set to outperform conventional banks for second year: Moody's
- Jordan secures EU finance for socioeconomic and environmental programs
- Same-day service deliveries in GCC an untapped market: Wing CEO
- Will terror attacks damper Arabs' appetite for European holidays?
- Banking on China: Qatar to host Middle East's first RMB clearing center
- Qatar, China Sign Trade Agreements
- Losing its glory? Iran joins long list of countries to ditch US dollar in foreign trade
- Egypt, China sign agreements worth $ 2.7 billion
- The rise of the Chinese renminbi: an unmatched opportunity for Qatar?