Iran, China to use national currencies in trade: CBI chief

Business Materials 9 June 2018 11:39 (UTC +04:00)

Tehran, Iran, June 9

By Kamyar Eghbalnejad - Trend:

Governor of the Central Bank of Iran said Tehran and Beijing plan to use their national currencies in bilateral trade.

In an attempt to facilitate trade between the two countries and address challenges in business transactions, Iran and China plan to move towards the use of national currencies in their settlements, Valiollah Seif, who is currently in China, said, according to IRNA news agency.

“China has been one of Iran's most important trade partners in recent years,” he added, noting that 25 percent of Iran’s oil exports go to China.

Seif is accompanying Iranian President Hassan Rouhani, who is paying an official visit to China at the invitation of his Chinese counterpart Xi Jinping.

On Friday, Rouhani left Iran for China to discuss ways to improve mutual relations and the latest regional developments. The president is attending the summit of the China and Russia-led security bloc, the Shanghai Cooperation Organization (SCO).

The governor of the CBI further said that Chinese banks and insurance companies would continue their cooperation with the Islamic Republic and that new US sanctions cannot harm the relations between the countries.

“Chinese officials have repeatedly restated that they would continue to cooperate with the EU to salvage the JCPOA,” Seif said.

He added that China is opposed to Washington’s unilateral sanctions against Iran.