Iraq To Drop Dollar In Trade With China

The Iraqi central bank announced Wednesday that, for the first time, it plans to allow trade from China to be settled directly in yuan instead of the US dollar to improve access to foreign currency. "It is the first time imports would be financed from China in yuan, as Iraqi imports from China have been financed in (US) dollars only," the government’s economic adviser, Mudhir Salih, told Reuters. According to a statement released by the Iraqi central bank, carrying out transactions in the Chinese currency would boost the balances…