Rise of the redback: a Middle Eastern perspective

The Gulf Cooperation Council should urgently integrate its financial system into the emerging redback zone.

This year will mark a milestone in the internationalisation of the renminbi with the Chinese currency set to join the exclusive club used by the International Monetary Fund to determine the value of Special Drawing Rights, its supplementary foreign exchange reserve. 

This official recognition of its growing role in international trade and finance has been actively fostered by China, which has facilitated the settlement of trade transactions in renminbi, allowed the offshore issuance of renminbi-denominated bonds and holding of deposits, as well as set up local currency swap lines with other central banks. 

China has swiftly become the Gulf Arab states’ single most important trade...

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