A bilateral currency swap agreement and an MoU to establish a Renminbi (RMB) Clearing Centre signed in December 2015 has boosted trade between UAE and China.
The Central Bank of the UAE (CBUAE) said that currency swaps between the UAE and China through the RMB Clearing Centre has increased a further 42 per cent in H1 2018, compared to levels recorded at the end of 2017, reported local newswire, WAM.
The increase in transfers through the centre reflects the continued overall growth in trade between the two countries, China accounted for 3.3 per cent of total UAE non-oil exports with a total value of AED 5.1 billion in 2017.
The RMB Clearing Centre provides cross-border clearing and remittance services, RMB buying and selling as well as money market lending and international trade support between the UAE and China.
Mubarak Rashed Al Mansoori, Governor of CBUAE, said that the establishment of the Centre 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.