国产热热热精品,亚洲视频久久】日韩,三级婷婷在线久久,99人妻精品视频,精品九热人人肉肉在线,AV东京热一区二区,91po在线视频观看,久久激情宗合,青青草黄色手机视频

Business / Finance

RMB trade in Gulf Arab countries show huge potential

(Xinhua) Updated: 2013-01-22 17:01

DUBAI - The chief executive of the Hong Kong Monetary Authority Norman Chan said here late Monday growing trade relations between the Gulf Arab oil states and China triggered a surge in transactions in renminbi, adding the process was still in its early stages.

Chan, who stopped in Dubai on a road-show to promote Hong Kong as an offshore hub for renminbi trade, said that 30 percent of China's trade including re-exports and offshore trade was intermediated through Hong Kong. While renminbi trade in the Chinese mainland is restricted for foreign firms, "in Hong Kong there is no restriction for renminbi funds transfers for foreigners and any firm can open a renminbi account," said Chan.

He said that most of the trade from Gulf Arab countries in the Chinese currency was done by firms in the United Arab Emirates ( UAE) and Dubai in particular "because Dubai plays an important role as a gateway to all Gulf states," said Chan in an exclusive interview with Xinhua. Bilateral trade between the UAE and China grew 15-fold since 2000 to reach $37 billion.

The volume in renminbi trade conducted by local Arab firms and Chinese companies residing in the countries of the Gulf Co- operation Council GCC (Saudi Arabia, Kuwait, Bahrain, Qatar, UAE and Oman) was still low but it was growing fast, said Chan who added that trade between the UAE and China was expected to hit $100 billion by 2015.

As of now exports and imports done in renminbi by the UAE account for only 4 percent of the Gulf state's total foreign trade "but chances are high that this figure will rise to double-digit rates in the coming years," said Chan.

According to the Dubai Chamber of Commerce, some 2,500 Chinese firms reside in Dubai. China's largest bank ICBC and the Bank of China have branches in the Gulf Arab sheikhdom. Earlier in February 2012, the China central bank signed a currency swap deal with the UAE worth 35 billion yuan ($5.62 billion). " This agreement is proof that both sides are interested in intensifying financial and commercial relations," said Chan.

Companies buying goods from China or those which export goods to China can trade, borrow, issue bonds in renminbi and they can hedge easily through forwards and futures in the Chinese currency, explained Chan.

 

Related Readings

BOC opens 1st subsidiary in Middle East

Broader fields for renminbi

Wen's Middle East bonanza

China to steadily make yuan convertible on capital account

Previous Page 1 2 Next Page

Hot Topics

Editor's Picks
...
镇原县| 秦皇岛市| 宜宾县| 通山县| 阿鲁科尔沁旗| 夏津县| 平谷区| 柳江县| 宁武县| 长顺县| 和顺县| 隆回县| 新闻| 蓬莱市| 祁连县| 新沂市| 文昌市| 玉龙| 灵璧县| 湛江市| 昌平区| 通州市| 汉寿县| 比如县| 博客| 张家口市| 南昌县| 石门县| 泸州市| 措勤县| 喀喇| 肃宁县| 海城市| 龙海市| 余江县| 安乡县| 饶平县| 吉首市| 宁乡县| 南雄市| 诸城市|