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 [Post 2 of 2]
