|  | 

Foreign Affairs

Rial, yuan can solve Iran-China trade exchanges: CBI chief

Tehran, Central Bank of Iran Governor Valiollah Seif said on Friday that using rial and Yuan can solve challenges facing Iran-China financial transactions.

Talking to IRNA late on Friday, he added, Some 25 percent of Iran's oil exports are shipped to China which as a major Iranian trade partner and oil customer has a significance place in Iran's strategic policies.

Noting that Iran's banking network currently faces restrictions due to the sanctions, he hoped that necessary agreements would be reached between the two countries' senior political officials during President Hassan Rouhani's visit to China.

Referring to clear stances of Chinese officials in support of Iran nuclear deal, known as JCPOA, Seif said that the country has expressed its opposition to unilateral sanctions and the two countries have maintained their economic and trade exchanges.

China is a major destination for a major section of Iranian exports, he said, noting that given the policy of preserving interests of the two countries and conducting transactions in rial and yuan, all the problems in the field will be solved.

Despite extreme pressures and sanctions in the post-JCPOA situation, Chinese banks and companies have had good cooperation with their Iranian counterparts, Seif said, noting that various agreements between the two countries' banks and institutes have been concluded and implemented.

Rouhani arrived in China on Friday afternoon to attend the summit of Shanghai Cooperation Organization (SCO).

SCO is an international organization founded on June 15, 2001, in China's Shanghai.

Source: Islamic Republic News Agency - IRNA

The iran News Gazette is mainly concerned with news and information about the Arab region and also covers international issues. Its main objective is to provide reliable and verified information on the Arab region for publishing on the digital landscape.