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… [Post 1 of 2…stay tuned]
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