Central Banking

PBoC names first RMB clearing bank in Middle East

Doha, Qatar

The People's Bank of China (PBoC) today named the Doha branch of the Industrial and Commercial Bank of China (ICBC) as the first renminbi clearing bank in the Middle East.

The announcement follows the signing of several deals between the PBoC and the Qatar Central Bank in Beijing yesterday, aimed at strengthening economic ties between the two countries.

In addition to a memorandum of understanding (MoU) on the establishment of a renminbi clearing bank in Qatar, the central banks inked a three-ye

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