Bahamas to Trade Yuan

Mon, Jun 20th 2016, 04:30 PM

The Bahamas’ Minister of Financial Services, Hope Strachan has revealed that the country is being developed as a trade hub in Chinese currency.

Strachan told parliament that the Government of The Bahamas has taken advantage of several opportunities for project financing from the Chinese Government and from Chinese corporations, and as a result, the establishment of a hub for trade in yuan is an attractive prospect that the Government has approved.

The minister says the success of this project would translate into an entirely new frontier of financial services and the hub would facilitate financial transactions and eliminate reliance on the US dollar.

The hope is that the creation of a platform for the Yuan to trade freely with the Bahamian dollar, will allow for international trade finance, and trade and investment to increase significantly.

Source: The Daily Observer

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