yuan gains ground on euro and dollar as reserve currency
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Yuan gains ground on euro and dollar as reserve currency

Arab Today, arab today

Arab Today, arab today Yuan gains ground on euro and dollar as reserve currency

Beijing - Arabstoday

The Chinese yuan is accelerating on its path to becoming fully convertible and could rival the euro and dollar within the next five to seven years, according to HSBC, the world's biggest bank.HSBC has been attempting to steer clients in the Middle East towards business accounts denominated in the yuan since July, and has opened between seven and 10 accounts a week for UAE clients seeking to settle trades with Chinese clients.The new impetus for an alternative reserve currency comes as debt worries engulf the euro zone and the US."We're so fixated on the crisis in the West, but the Chinese are doing something very exciting and very new," said David Bloom, HSBC's global head of foreign exchange strategy.Two weeks ago, restrictions were lifted on Chinese companies seeking to import using the yuan. "Now every company in China can use the [yuan] to import," said Nick Levitt, HSBC's head of commercial banking in the UAE. "Anyone trading with China has to start thinking about this seriously."However, restrictions remain on the conversion of foreign currencies into yuan - meaning yuan can be traded for US dollars but not vice versa - restricting its appeal. Mr Levitt said Middle Eastern petrochemicals companies, raw materials producers and hotel companies were among those expected to take greater interest in the yuan as a currency for trade settlement. From / The National

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

yuan gains ground on euro and dollar as reserve currency yuan gains ground on euro and dollar as reserve currency

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

yuan gains ground on euro and dollar as reserve currency yuan gains ground on euro and dollar as reserve currency

 



GMT 13:23 2012 Saturday ,07 July

Syria shells Wadi Khaled: 3 killed, 9 wounded

GMT 17:45 2016 Monday ,18 April

School Olympics embody state's future vision

GMT 15:30 2017 Tuesday ,11 April

Church attacker denies his death

GMT 21:43 2012 Monday ,20 February

AUC remembers Omar Mohsen at the graduation

GMT 12:47 2017 Friday ,06 January

Daesh militants kill 4 soldiers near Iraq's Tikrit

GMT 21:13 2017 Monday ,06 February

UN: Afghan civilian casualties rose 3 percent in 2016

GMT 22:30 2014 Tuesday ,30 December

Jordanian senate passes income tax draft law

GMT 14:29 2016 Saturday ,29 October

Yuksel offers top-notch engineering services

GMT 02:36 2017 Friday ,03 February

Tunisian journalists executed, says Daesh suspect

GMT 10:32 2015 Saturday ,28 March

World's first 'Otaku' summit opens in Japan
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday