The Buzz | Renminbi lands in Doha

The Qatar Central Bank last week celebrated the official opening of the first Renminbi Clearance Centre (RCC) in the Middle East and North Africa region (MENA), to be located in Doha. The RCC will allow for claims denominated in Chinese Renminbi to be settled in Doha and exchanged for other currencies, including the Qatari Riyal (QAR). This represents a further step in trade and financial integration between China and Qatar, two of the fastest growing economies in the world. It will also further strengthen Qatar’s role as a financial center for the MENA region and beyond.
China became the largest exporter to the MENA region in 2014. Its exports to the MENA region grew by a compound annual growth rate of 14.3% over the last five years to an estimated USD141.9bn in 2014. Chinese exports now represent over 13% of all goods exported to the MENA region. This share is likely to continue growing rapidly as China further strengthens its role as the world’s main manufacturing hub in the coming years.