TNT More News, Rumors and Opinions Monday Afternoon 11-20-2023

TNT:

 

Tishwash:  Chinese Foreign Ministry: We are actively participating in rebuilding the Iraqi economy

 

The Chinese Ministry of Foreign Affairs confirmed, on Monday, that Beijing is actively participating in rebuilding Iraq’s economy, and is ready to coordinate and expand joint work with the Iraqi side.

 

The Chinese Foreign Ministry spokeswoman, Mao Ning, said about the Chinese company “PetroChina” taking over the position of the American company “ExxonMobil” in the Qurna field in Basra: “We are ready to make joint efforts with the Iraqi side to advance continued practical cooperation in various fields between the two countries.”

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She pointed out that “China and Iraq have a friendly relationship, and China, as a true friend of Iraq, has actively participated in rebuilding the Iraqi economy.”

 

She added that China had “positive participation in economic and social development, and this was widely praised by the Iraqi government and people.”   Link

 

Tishwash:  Saudi Arabia and China sign a currency swap agreement worth 50 billion yuan

 

The Saudi Central Bank and its Chinese counterpart signed a 3-year agreement for bilateral currency swaps worth 50 billion yuan (about $7 billion).

 

The Saudi Central Bank (SAMA) said in a statement that the signing of the agreement comes in the context of financial cooperation between the two central banks, which reflects the consolidation of relations between them in areas of common interest.

 

The Saudi Minister of Finance, Mohammed bin Abdullah Al-Jadaan, announced in an interview with the American Bloomberg Television, last January, that the Kingdom is open to trade in currencies other than the dollar.

 

China is the largest buyer of Saudi oil and its largest trading partner.

 

Chinese President Xi Jinping visited Riyadh in late 2022, and said that his visit, which included the signing of billions in trade partnership agreements, would open a “new era” for relations between China, the Arab world, the Gulf states, and Saudi Arabia.

 

Since 2016, the International Monetary Fund has included the Chinese yuan in its Special Drawing Rights basket, and added it to its basket of reserve currencies, along with the dollar, the single European currency, the euro, the Japanese yen, and the British pound, in a move that indicated at the time that the yuan had become an important global currency, and paved the way for the use of… The largest international currency for the Chinese currency.

 

According to IMF data, the dollar’s share in global foreign exchange reserves decreased at the end of 2022 to 58.36%, the lowest level in 27 years. While the expectations of the US investment bank Morgan Stanley for the year 2020 indicate that the yuan’s share in global foreign reserve assets will rise from 2% to between 5% and 10% by 2030. LINK

 

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Tishwash:  Dubai Financial Market signs a memorandum of understanding with the Shanghai Stock Exchange

 

The Dubai Financial Market and the Shanghai Stock Exchange signed a memorandum of understanding to enhance cooperation in the capital markets and simplify listing and trading processes between the two markets .

 

The Dubai Financial Market said in a statement on Monday that the partnership agreement between the two parties opens the door to the development of joint products, such as indices, traded investment funds, and other fields .

 

The agreement also aims to facilitate the exchange of knowledge, expertise and information and enhance efficiency and transparency between the two markets, according to the statement .

 

The statement indicated that the Dubai Financial Market and the Shanghai Stock Exchange also plan to develop and launch products related to environmental, social and government sustainability .

 

The cooperation agreement also aims to introduce companies and bond issuers to the advantages of dual listing and enable them to access growth opportunities in both markets   link

 

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