UAE, China explore means to boost RMB clearing
(MENAFN) The UAE and China's banks explored ways to enhance the Renminbi (RMB) clearing within the GCC state.
The talks were held in a workshop between officials of the Central Bank of United Arab Emirates (CBUAE), the Central Bank of China and the Agricultural Bank of China.
It comes following the commencement of the Renminbi Clearing Center in May last year in Dubai, seeking to reinforce economic relations between the UAE and China.
WAM reported the value of dealings the center cleared during the first eleven months of this year to have hit USD7.01 billion.
Agricultural Bank of China's secretary of the Board Directors Wanfu Zhou stated: "we are moving towards a higher level of trade and economic cooperation in light of the Belt and Road Initiative."
The talks were held in a workshop between officials of the Central Bank of United Arab Emirates (CBUAE), the Central Bank of China and the Agricultural Bank of China.
It comes following the commencement of the Renminbi Clearing Center in May last year in Dubai, seeking to reinforce economic relations between the UAE and China.
WAM reported the value of dealings the center cleared during the first eleven months of this year to have hit USD7.01 billion.
Agricultural Bank of China's secretary of the Board Directors Wanfu Zhou stated: "we are moving towards a higher level of trade and economic cooperation in light of the Belt and Road Initiative."
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