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Algeria to accelerate process of settling transactions with China's yuan

Xinhua, October 17, 2016 Adjust font size:

Algeria is speeding up the process of its transaction settlement with China's currency yuan, Algerian Industry and Mines Minister Abdeslam Bouchouareb said on Sunday in Algiers.

The Algerian minister said adopting the yuan will help not only the settlement of trade transactions with China, but also the conclusion of contracts in the fields of construction and public works.

He made the remarks at a press conference held jointly with Chinese Vice Commerce Minister Qian Keming. Earlier on Sunday, the two sides signed a framework cooperation agreement to boost industry cooperation.

According to Algerian Customs figures, China is the largest commercial supplier of Algeria in 2015, with 8.22 billion U.S. dollars out of a total of 51.5 billion dollars import bill of this North African nation. Endit