Iran Increasing Use Of China’s RMB Yuan In International Trade

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Ehsan Khandouzi, the Iranian Minister of Economic Affairs and Finance, has stated that “a certain part of exchanges in Iran’s trade with China has been carried out in RMB Yuan – Chinese currency, since the beginning of the current Iranian year (March 21, 2022)”

The minister emphasized that the Central Bank of Iran (CBI) is conducting discussions to expand this use with the Chinese government. If agreement is reached, instead of the US dollar and Euro, China’s RMB Yuan will be used wherever possible in bilateral trade between Iran and China.

Iran’s non-oil trade turnover with China amounted to US$25.3 billion, during the first 10 months of the current Iranian year (March 21, 2022 through January 20, 2023). China ranks first in Iran’s non-oil trade over this period.

Of that trade, Iran exported non-oil products worth US$12.8 billion to China, an increase of 10% compared to the same period in the last Iranian year. Iran imported goods worth about US$12.7 billion from China over the same period, an increase of 33% compared to the same period last Iranian year.

Iran remains one of major oil exporters to China, with Iran seeing an increase in exports in the last two months of 2022, on higher shipments to China and Venezuela. Iran does not publish official statistics about its oil sales, but analysts suggest that Tehran has increased oil exports to more than 1.2 million barrels per day.

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