OREANDA-NEWS. November 19, 2014. With the approval of the State Council, the PBC signed, a Bilateral Local Currency Swap Agreement with the Qatar Central Bank.

The size of the facility is 35 billion yuan/20.8 billion Qatari riyal. The Agreement is valid for three years and can be extended with mutual consent. On the same day, the two parties signed an Memorandum of Understanding on Establishing RMB Clearing Arrangements in Qatar and agreed to extend the RQFII Pilot Scheme to Qatar with an initial quota of 30 billion yuan. Subsequently, an RMB clearing bank will be designated in Doha.

The above arrangements represent fresh progress in China-Qatar financial cooperation and are expected to bring convenience to companies and financial institutions in the two countries to use RMB in the cross-border transactions and promote the facilitation of bilateral trade and investment for the benefit of regional financial stability.