The Qatar Central Bank last Tuesday celebrated the official opening of the first Renminbi Clearance Center (RCC) in the MENA region, to be located in Doha, bi-me reported. The RCC will allow for claims denominated in Chinese Renminbi (RMB) 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 $141.9b in 2014. Chinese exports now represent over 13% of all goods exported to the MENA region.
