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December 28, 2015

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UAE inks deal for yuan clearing hub

The United Arab Emirates has signed an agreement with China to set up a clearing hub for the yuan, local UAE media said yesterday.

The clearing hub for the Chinese currency, which will satisfy growing needs of UAE-based firms and banks alike, will be the second in the Middle East after Qatar set up the region’s first yuan clearing hub this April.

The UAE’s central bank said the agreement was signed while Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al-Nahyan was in China on an official visit earlier this month. No specific date was revealed when the hub will open for trading. The UAE, a major oil supplier, and China also renewed a 35-billion yuan (US$5.4 billion) currency swap deal during the visit.

The UAE was included in Renminbi Qualified Foreign Institutional Investor scheme with 55 billion yuan quota.




 

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