Qatar National Bank (QNB) is looking forward to exploring potential opportunities arising from the establishment of the first Middle East “clearing hub” for Chinese currency.
The regional clearing hub concept was one of the key provisions of the financial agreements signed between Qatar and the People’s Republic of China following talks between the countries last year.
With the clearing centre now opened the QNB group hopes to play a significant future role in assisting Middle Eastern and African clients with respect to their Renminbi requirements. This is derived from its strong South East Asian presence and its ability to conduct specialist business transactions across the areas of currency clearing, trade finance, asset and wealth management and treasury services.
Noor Al Noaimi, acting GM treasury, said, “As the biggest bank in Qatar, QNB is fully aligned and supportive of this Qatar Central Bank-led initiative. The creation of the first official clearing hub for renminbi will serve client needs and place Doha at the heart of Middle East-China trade. It will provide a significant “East-West” corridor for those clients and businesses who wish to transact in RMB currency and do business in one of the largest economies in the world.
“As the only Qatari Bank based in China, we believe that we are well placed to commercially benefit from this direct clearing infrastructure and provide future value and benefit for a growing number of clients who have an international perspective.”