Iraq Pivots to Yuan for China Imports in Defense of Own Currency

(Bloomberg) — Iraq is planning to pay for private-sector imports from China in yuan, injecting foreign currency into the financial system to help ease pressure on the dinar.

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The central bank will provide yuan to local lenders for dealings with Chinese counterparts, according to a statement published Wednesday. It will also supply the Chinese currency to final beneficiaries directly via some of the central bank’s own accounts.

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