…the Central Bank of Iraq launched the second package of reforms. In a remarkable statement, the Central Bank of Iraq announced, a plan to allow trade with China in Chinese yuan instead of dollars, in an apparent attempt to improve access to foreign currency and reduce dependence on the dollar. WOW! …we can see this is good news and also bad news as it may lead to complications if the CBI does not manage it correctly. …Would Iraq sell oil for Yuan? …if Iraq did make this move this would certainly push them even more to reinstate the dinar as an international currency once again but only if the CBI can also control these new currencies. We just have to wait and watch. It won’t be long before we see what happens.
