An economist explains how to trade with China in the “yuan” currency
An economist explains how to trade with China in the “yuan” currency
3-3-2023
Information / Baghdad..
Today, Friday, the economic expert, Dr. Nasser Al-Kinani, explained how to deal with China through their national currency, the yuan, and to move away from the dollar as a currency of trade exchange with this country.
Al-Kinani told Al-Maalouma, that “Iraq’s dealings with China in the yuan currency needs more time, and this requires building an oil refinery inside China, so that it supplies quantities of oil outside its share in OPEC, given that the refinery is Iraqi, and here neither America nor anyone else can prevent Iraq.” to take this step.”
He added, “Building the refinery in China and supplying it with 150,000 barrels per day of crude oil and selling it at a price double the price of crude will return to Iraq with large revenues from the yuan currency, enabling it to import Chinese goods and sell them to the Iraqi merchant in dinars, and therefore Iraq achieved revenues and owned sums of the Chinese currency.” He deals with it from Beijing, away from American pressure.”
He pointed to the possibility of bypassing sanctions and the US veto on dealings with China in dollars through the Iraqi oil refinery in order to move away from dealing in the US currency and the continuation of trade exchange with China in its currency.
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