(MENAFN- The Peninsula) China is looking to further expand its banking operations in Qatar. The Industrial and Commercial Bank of China (ICBC), which is already having its operations under Qatar Financial Centre (QFC), is keen to deepen and reinforce its operations in Qatar, Al Sharq reported.
High-level officials representing China's banking and financial sector expressed their interest in Qatar to a high-level visiting Qatari delegation headed by Qatar Central Bank (QCB) Governor Sheikh Abdullah bin Saud Al Thani,.
Qatari market is very attractive for Chinese banks and companies, which are looking for safe investments in the region. The request from Chinese authorities is pending before Qatar. Qatar is keen to open Islamic banks in China as well. More than one Qatar-based Islamic banks have expressed their interests in opening their branches in China.
The decision is waiting Chinese authorities' approval, the daily reported.
The delegation included a number of senior officials from QCB, QFC, QFC Regulatory Authority, Qatar Investment Authority, a representative of Qatar Airways and chief executive officers of Islamic banks and Islamic insurance companies operating in Qatar.
Top Qatari bank officials also held series of meetings with the heads of various Chinese banks during their visits and discussed funding potentials of several development projects, both in China and Qatar.
The discussion also covered the possibilities of allowing Qataris to invest in bonds issued by Chinese government.
QNB analysts said recently China's decision to internationalise Renminbi (RMB) is an opportunity for Qatar. An agreement between the QCB and Chinese central bank, People's Bank of China (PBC) was renewed in April 2014, which permits the QCB access to onshore Chinese interbank markets to purchase bonds for Qatar's foreign exchange reserves.
Qatar can benefit from the internationalisation of the RMB by leveraging links that already exist with China. Qatar's LNG exports to China rose by 35.5 percent in 2013. LNG exports to China will continue to surge. China is also the largest source of imports into Qatar.
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