The central bank is expanding its basket of currencies to include the Chinese [yuan]
The central bank is expanding its basket of currencies to include the Chinese yuan[Ayna-Baghdad]
The Central Bank of Iraq, announced its investment in the Chinese currency [Yuan].
“The bank is keen to diversify its foreign reserves and diversify the basket of currencies in the investment portfolios, as well as the geographical distribution of the investments of this bank. For this purpose, and through the Investment Department, the director of the Information Office of the Central Bank, Acer Jabbar, The central bank has a banking arrangement agreement with the People’s Bank of China, which will contribute to the development of banking relations with global economies, especially with the Chinese economy. ”
“The investment was made in the currency of the Chinese yuan after being included in the basket of special drawing rights by the International Monetary Fund in late 2016, which led to raise the currency of the Chinese yuan in international liquidity.”
“Government bonds in the Chinese yuan have higher returns than other currencies, including the US dollar,” he said.