GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >>

 
  Share

Abu Dhabi, UAE, 19 July 2018:   As part of joint efforts to foster a closer trading relationship and develop increased investment opportunities, the Central Bank of the UAE and the People's Bank of China signed a bilateral currency swap agreement and an MOU to establish a Renminbi (RMB) Clearing Centre in the UAE in December 2015. Swaps through the Center grew consistently, increasing a further 42% in H1 2018, compared to levels recorded at end of 2017.

Growing transfers through the Center reflect the continued overall growth in trade between the two countries. China is the UAE's largest trading partner, accounting for 12% of total imports to the UAE, with a total value of AED 79.9 billion in 2017, a growth of 14.7% from 2016. China accounted for 3.3% of total UAE non-oil exports with a total value of AED 5.1 billion in 2017. The UAE also hosts over 4,000 Chinese firms operating in the UAE and a large community of Chinese expats in the United Arab Emirates.

H.E. Mubarak Rashed Al Mansoori, UAE Central Bank Governor said: “The UAE and China are exploring numerous ways to further promote bilateral ties and strengthen cooperation across different sectors including economic, trade, investment, education, tourism and renewable energy. The RMB Clearing Centre, jointly established by the CBUAE and the People's Bank of China, has greatly enhanced the ability of our two nations to trade efficiently as reflected by the growing value of trade, investments and other financial flows. The establishment of the Center has facilitated the clearing process and increased the attraction of the UAE market for Chinese investors and companies to trade in the UAE and vice versa. China is our largest trading partner, indeed, our trade and investments relationship with China continue to grow rapidly, as evidenced by the growing trade and clearing values.”

Aside from cross-border clearing and remittance services, the RMB Clearing Centre also provides RMB buying & selling, money market lending and international trade support between the UAE and China. These services have strengthened the ability of local and international financial institutions and economic stakeholders in both countries to do business more efficiently. 



Posted by : GoDubai Editorial Team
Viewed 3941 times
Posted on : Thursday, July 19, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Emirates Post Group issues commemorative stamp celebrating 34 years of UAE-China diplomatic relation...
Next Story : Ministry of Health & Prevention hosts ‘Art for Health' awards
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Mouawad Acquires The 51.38 Carat Dynasty Diamond From ALROSA
Cerruti 1881 MOLVENO timepiece and cufflinks
Nazih Introduces New Dr. Renaud Skincare Range
Five Awesome Reasons to Visit LEGOLAND® Dubai During the Eid Al Adha Holiday
Back-to-School Shopping Made Easy with SOUQ.com
Business Wear by Hugo Boss
The new Rado HyperChrome Chronograph in bronze and high-tech ceramic
Head to Modhesh World for Summer Fun Before the School Run
Spectacular live entertainment for the entire family at Majid Al Futtaim malls i...
Never Run Out of Space for Those Joyful Summer Holiday Memories With Western Digital
Eid Gift Guide 2018
Eberhard & Co. immortalizes a legend
Trend Alert! Clueless About Plaid? kate spade Found Fresh Ways to Showcase the G...
New Addition to the HUAWEI Nova 3 Series: On-trend and fashionable HUAWEI nova 3...
The Marriott International cyclist team completes 600km R2A cycle challenge
The Moon Collection From Lacoste
OMEGA Showcases its Passion for Golf at the 2018 PGA Championship
American Eagle Takes It to the Ne(X)t Level With Fall Jeans Campaign
Calligraphy, etching and Palestinian embroidery: Learn it all at Tashkeel this S...
Samsung Launches the Galaxy Note9 in the UAE
XTouch Announces the Launch of the Robot Family Range of Rugged Mobile Phones
Why Are Chipmakers Making Smaller and Smaller Processors?
du LaLiga HPC Top Talents Arrive in Spain for 21-day Annual Scouting Camp
Aperitivo di Ferragosto
Let your kids enjoy some dancing at James & Alex Dance Studios
LG to Introduce Advanced Stylers With Ai Voice Recognition and Mirrored Glass De...
Chronoswiss Limited Edition of Flying Grand Regulator Skeleton
The new Hamilton Khaki Field Mechanical
Raymond Weil unveils a new collaboration with Marshall Amplification
CASIO announces UAE launch of new 'Pro Trek WSD-F20A' outdoor smartwatch
Baroncelli Big Date collection from Mido
VIP Golf Austin Offers Golf Packages For the Avid Tourist
Free Wellness Workshop to address Physical and Mental health issues
Beauty at Robinsons
Aster Disaster Support Team mobilized to help Kerala flood victims
Feel Alive Again With the New IKEA 2019 Catalogue
Mohamed Bin Zayed Majlis for Future Generations Announces its Second Edition
Department of Culture and Tourism – Abu Dhabi brings excitement to children at S...
Secondary Infertility: A Confusing & Emotional Ride Affecting Millions of Women
Tommy Hilfiger Dressed Up Collections
Turkish Airlines posted USD 258 million Operating Net Profit in the first half o...
Balqees concert, Iftah Ya Simsim shows and Nabati poetry recital at Dragon Mart ...
Fun GUESS Handbags for Fall18
Skydance: The Sun – shining amid the immensity of the galaxy
ENEC Launches Youth Council to Empower the Next Generation of Emirati Nuclear En...
Huawei Recognizes Dr. Erdal Arikan, the Father of Polar Codes, for his Dedicatio...
Buy One, Get One Free Entry Ticket to Modhesh World With “Smiles by Etisalat”
2XL's Nicola dining furniture creates a welcoming space to enjoy a meal
DALBY and its 50 years of experience in hydraulic hooklifts will be present at t...
Yousif Mirza Back in Action for UAE Team Emirates at the Binck Bank Tour