Joining Chinese yuan to global currency club to have no impact on Iran’s trade
Baku, Azerbaijan, Dec. 1
By Khalid Kazimov - Trend:
Adding the Chinese renminbi to the world's basket of reserve currencies will not have any significant impact on the trade ties between Iran and China, an economic expert told Trend Dec.1.
As the volume of Iran's international trade with foreign currencies is currently at a low level the IMF's decision to add the Chinese currency, which is more commonly known as the yuan into its benchmark currency basket, will not have a significant impact on Iran-China's trade economy, Bijan Bidabad, the former senior consultant to the Central Bank of Iran, said.
Iran exported 17.56 million tons of non-oil goods, worth $5.33 billion to China during the first eight months of 2015.
China was the main importer of Iranian goods in the mentioned period. Beijing's imports accounted for 22.7 percent of Iran's total non-oil exports in terms of value and 33.3 percent in terms of volume.
Iran's non-oil exports to China witnessed a fall of 15.3 percent in terms of value while the volume of the Islamic Republic's non-oil exports to China decreased by 25.4 percent according to the Iranian Customs Administration's monthly report published Oct. 4.
After China, Iraq (with $4.34 billion), the UAE (with $3.64 billion), India ($1.9 billion) and Afghanistan (with $1.67 billion) were the other four biggest importers of Iranian goods.
The five countries imported 71.9 percent of Iran's total non-oil exports in terms of value in the first eight months of the current year.
Meanwhile China was the main exporter of goods to Iran. Beijing's exports accounted for 25.4 percent of Iran's total imports in terms of value and 14 percent in terms of volume.
Iran imported 3.62 million tons of goods, worth $8 billion from China during the eight-month period.
The International Monetary Fund has added China's currency into its benchmark reserve currency basket, in a boost to Beijing's global economic ambitions.