UAE, Chinese banks to enhance RMB clearing

DUBAI - Officials from the Central Bank of United Arab Emirates (CBUAE), the Central Bank of China and the Agricultural Bank of China discussed in a workshop on Wednesday to improve the Renminbi (RMB) clearing in the UAE, State-run WAM news agency reported.

The workshop took place almost a year and half after the official launch of the Renminbi Clearing Center in Dubai in May, 2017, which aimed at fostering further economic ties between China and UAE.

The value of transactions cleared by the center from January to November 2018 reached 44.57 billion yuan ($7.01 billion), according to the report.

Mohamed Al Falasi, deputy governor of the CBUAE, said that they would continue improving the RMB clearing arrangements in the UAE to further boost trade and investment relationships with China.

"We are moving towards a higher level of trade and economic cooperation in light of the Belt and Road Initiative," said Wanfu Zhou, secretary of the Board Directors of the Agricultural Bank of China.

Zhou said the currency clearing centers will provide a solid foundation for enhanced economic activity between both countries.