Qatar, China sign USD5.7b currency swap deal

04 Nov 2014

(MENAFN) China signs a currency swap deal with Qatar in order to develop the international use of its currency, Saudi Gazette reported.

The two parties agreed upon USD5.7 billion bilateral swap line, valid for an extendable term of three years, local media reported.

China and Qatar also agreed on establishing a Yuan clearing center in the Qatari capital of Doha.

However, the Renminbi Qualified Foreign Institutional Investors scheme, which allows foreign organizations to invest in China using Yuan raised offshore, will also be extended to Qatar, with an initial quota of USD4.88 billion.

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