Qatar

With Middle East countries becoming increasingly important trade partners for China, the Gulf region is rapidly assuming a central position in the investment ambitions of Chinese corporates. But the links go both ways, with MidEast companies also stepping up their operations in China. Chris Wright looks at the two regions' growing links.

In this round up, China cross-border RMB trade settlement hits new historical record in March, Hong Kong sees a 31% increase in RMB clearing in the same month, the Moscow Exchange sees record RMB/RUB FX swaps turnover, CCB is launching new subsidiaries in five overseas markets, and RMB clearing officially launches in Malaysia and Qatar.

The sixth offshore RMB clearing bank appointment of the year was unveiled on Tuesday, when the People’s Bank of China (PBoC) announced that it had picked Industrial and Commercial Bank of China (ICBC) Doha Branch as the renminbi clearing bank for Qatar. The move is the first such appointment in the Middle East and follows similar announcements this year in London, Frankfurt, Seoul, Paris and Luxembourg.