Strengthening financial ties between China and Qatar are likely to open up new opportunities for Qatari banks to tap into.
Qatar and China already have close relations, with the Asian giant already the fifth-largest importer of Qatar’s exports, which are dominated by oil and gas.
But the two countries are set to become even closer following the signing of several agreements between the two central banks in early November, including a currency swap deal and a preliminary deal to establish Qatar as a Renminbi clearing and settlement centre , reported Bloomberg.
These deals are likely to bring new business opportunities for the ambitious Qatari banks, which are eager to expand beyond Qatar and generate new sources of revenue.
The currency swap agreement will also open up the chance for banks in Qatar to do trade finance transactions in renminbi instead of US dollars.
Qatar and China already have close relations, with the Asian giant already the fifth-largest importer of Qatar’s exports, which are dominated by oil and gas.
But the two countries are set to become even closer following the signing of several agreements between the two central banks in early November, including a currency swap deal and a preliminary deal to establish Qatar as a Renminbi clearing and settlement centre , reported Bloomberg.
These deals are likely to bring new business opportunities for the ambitious Qatari banks, which are eager to expand beyond Qatar and generate new sources of revenue.
The currency swap agreement will also open up the chance for banks in Qatar to do trade finance transactions in renminbi instead of US dollars.
Source:
Mubasher
