Tue, 30 Dec 2008 | 11:13 GMT
GCC monetary union agreement ready for leaders’ signature – Al-Shimali
KUNA (Kuwait News Agency)
http://www.zawya.com/Story.cfm/sidZAWYA20081230104902/GCC%20Monetary%20Union%20Deal%20To%20Take%20Force%20By%20Dec%20%2709
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MUSCAT: Finance and Economy Ministers of six Arab Gulf countries have completed the final formula of the GCC monetary union and referred it to their leaders to sign it, Kuwait finance minister Mustafa Al-Shimali said Tuesday.
“We have discussed the final draft of the monetary union agreement thus paving way for (GCC leaders to) signing it to see the light at a maximum date of December 12, 2009,” Al-Shimali told KUNA after meeting with finance and economy ministers of the Gulf Cooperation Council (GCC).
The monetary union is expected to pave way for the single currency.
Al-Shimali said the ministers have also approved the statute of the monetary council, to be followed by the creation of the Gulf central bank, and was also referred for the GCC leaders for approval.
The creation of the central bank will be mandated with establishing the single currency.
But, Al-Shimali noted, the single currency would be dealt with at a later stage because it has unique legal status. He did not elaborate.

China to experiment with trade settlement in yuan
http://ph.news.yahoo.com/rtrs/20081224/tbs-china-economy-exports-21231dd.html
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BEIJING, Dec 24 – China on Wednesday took a baby step on the road to making the yuan an international currency when it promised to allow its use in trade between a few provinces and neighbouring states.
The State Council, or cabinet, said the yuan could be used for the settlement of trade between the factory-rich Pearl River and Yangtze River Deltas and the Chinese territories of Hong Kong and Macau.
It also said that members of the Association of Southeast Asian Nations would be permitted to use yuan in their trade with China’s southeastern provinces of Guangxi and Yunnan.