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Economy

Bangladesh aims for yuan trade as cushion against mighty dollar

Shrinking forex coffers spur scramble for alternative currency arrangements

Bangladesh is eager to reduce its reliance on the dollar as its taka depreciates, in part by trading with China in yuan. (Source photos by Getty Images and Reuters)

DHAKA -- Hit by a strong dollar and fearful of shrinking foreign reserves, Bangladesh is turning to alternative currency arrangements including the use of the Chinese yuan in international transactions.

Bangladesh Bank, the central bank, in mid-September said that authorized dealer banks (ADs) can carry out transactions in yuan for trade with China.

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