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Post by Ssmith Mon Feb 27, 2023 2:20 pm

Currency Mayhem – IQD from USD to CNY.

Article:
Iraq, short on dollars, moves to purchases with Chinese yuan

To compensate for a foreign currency shortage Iraq Central Bank said the country would soon trade with China directly in Yuan… This happened …because the Iraqi Parliament approved a currency revaluation in response to a shortage of U.S. dollars… The Federal Reserve Bank pulled back on U.S. currency in Iraq because it was proven that US dollars were flowing freely into Iran and Syria… 

This is the first time imports from China will be paid for in Yuan. Before now all imports were paid for in U.S. dollars.  The Central Bank of Iraq said this move could boost the balances in Iraqi banks that have accounts with Chinese banks.  It would also boost local bank balances through the central bank’s U.S. dollar reserve accounts with JP Morgan…It would work something like this.  The Iraqi bank would convert U.S. dollars to Yuan and pay invoices in China.
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