Ahlibank – Silver sponsors of the launch ceremony of the Qatar Renminbi Centre
23 April 2015
Held under the patronage of H.E. Sheikh Abdullah Bin Nasser Bin Khalifa Al-Thani, Prime Minister and Minister of the Interior, Qatar officially launched the Qatar Renminbi Centre (QRC), the Middle East’s first centre for clearing transactions in the Chinese renminbi currency.
China is the second largest exporter to Qatar and its fourth largest trade partner globally. Imports of Qatar from China reached around QR12bn in 2014.
The Qatar Central Bank signed a Currency Swap Agreement with the People’s Bank of China (PBC) in order for the State of Qatar to become a centre for renminbi clearing and settlement. Furthermore, they signed an agreement to establish a reciprocal 3 year currency swap line with a value of CNY 35 billion. The swap line will facilitate renminbi trade and investment and provide liquidity and support for financial stability.
Ahlibank’s Chairman and Managing Director, Sheikh Faisal Bin AbdulAziz Bin Jasem Al-Thani, said: “This centre is important for Qatar to become a regional centre for renminbi clearing and settlement and we are delighted to support the Centre and the growing trade between Qatar and China”.