(Persia Digest) – The CEO of the Central Bank of Iran (CBI) has announced new trade arrangements for Iran and China trade. Valiollah Seif stated that the dollar will be eliminated from a major part of their economic transactions and replaced with the currencies of both countries.

Seif added: “Taking into account the volume of trade between the two countries, payment mechanisms using local currencies will eliminate financial challenges.”

Valiollah Seif pointed out that 25 percent of Iranian oil exports go to China, saying: “As one of Iran’s most important trade partners in its strategic policies in recent years and a major buyer of its oil, China is a very important country.”

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► Iran's trade balance becomes positive

He added: “Presently, Iran’s banking network is facing limitations due to sanctions. We are hoping that the necessary agreements will be reached during the Iranian President’s visit to China with its top officials.”

He pointed to the clear position of Chinese officials to safeguard the JCPOA, and added: “The volume of trade between the two countries calls for a mechanism that uses national currencies in trade and eliminates the challenges.”

Seif continued: “Part of Iranian petrochemical exports are destined for China. Due to the policies of maintaining the interests of the two countries, the existing operational strategies, and emphasis on direct trade between Iran and China in Yuan, this sector will not be affected adversely.”

Seif reiterated: “China has announced its opposition to unilateral sanctions against Iran. As such, Iran and China have maintained their normal trade ties and will continue to expand these.”


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