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An economist warns against using the yuan in Iraqi trade with China
Monday 27 February 2023 08:39 | Economical Number of readings: 387
Baghdad / NINA / - The expert in economic affairs, Raad Twij, warned against using the yuan currency in Iraqi trade with China.
Twigg said in a statement to the National Iraqi News Agency / NINA /:
"The use of the yuan in Iraqi trade with China means, in part, the sale of Iraqi oil in yuan, and
this has caveats in making Iraqi oil revenues, under the control of the monetary policy of the Chinese Central Bank, and the possibilities of manipulation." The value of the Chinese yuan and in proportion to the interest of the Chinese economy, which may cause losses to Iraq, both in selling Iraqi oil and in the conduct of commodity trade.
Twigg called for "the use of a basket of cash from a group of international currencies that may preserve the value of the Iraqi dinar."
The Central Bank of Iraq intends to organize the financing of foreign trade from China directly in the Chinese yuan currency, in a step that is the first of its kind, as part of a package of measures aimed at facilitating access to foreign currencies. / End 8
https://ninanews.net/Website/News/Details?key=1037006
