The Iranian government will no longer use the US dollar in official statements or for financial reporting. The governor of the Central Bank of Iran, Valiollah Seif, made the announcement on Friday, adding that the country would switch to another common foreign currency or a basket with a ‘high degree of stability” for all financial and foreign exchange reports. Source The Independent
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Singapore stands ready to partner China to jointly build the Belt and Road Initiative, Singapore’s Minister for National Development and Second Minister for Finance Lawrence Wong said on Tuesday. Source: China Daily
Cambodian authorities have signed an $880 million contract with Chinese companies, allowing the latter to build a new international airport in Siem Reap next year. Source: People’s Daily
The International Monetary Fund increased its estimate for China’s average annual growth rate through 2020, while warning that it would come at the cost of rising debt that increases medium-term risks to growth. China’s economy will expand at an average pace of 6.4% annually from 2017 through 2020. Source: China Economic Review