UAE, China Central Banks Meet To Enhance Renminbi Clearing
Faizan Hashmi Published December 12, 2018 | 03:45 PM
The Central Bank of the UAE, CBUAE, today hosted a workshop with the Central Bank of China and the Agricultural Bank of China on 'Improving the Renminbi Clearing in the UAE'.
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 12th Dec, 2018) The Central Bank of the UAE, CBUAE, today hosted a workshop with the Central Bank of China and the Agricultural Bank of China on 'Improving the Renminbi Clearing in the UAE'.
The aim of the workshop is to present the results achieved by the RMB Clearing Centre to date, and to identify the actions to be taken to improve the arrangements for Renminbi clearing in the UAE.
This workshop is taking place almost a year and half after the official launch of the Renminbi Clearing Centre in Dubai on 10th May 2017. The Centre represents a major part of the efforts to foster further economic ties between China and the UAE.
The importance of Renminbi Clearing has become increasingly important as the UAE and Chinese Government’s deepen their cooperation to further the 'Belt and Road Initiative' and work towards establishing sustainable trade and investment partnerships.
The value of transactions cleared by the Centre during the period January – November 2018 reached RMB44.57 billion (US$7.01 billion). This represents a good achievement after only 17 months of operation of the Centre; however, it is still low compared to the aspirations of the two countries in this area.
Mohamed Ali bin Zayed Al Falasi, Deputy Governor of the CBUAE, said, "We are taking this opportunity to signal our continued commitment to improving the Renminbi clearing arrangements in the UAE to further our trade and investment relationships with China."
He added, "CBUAE remains committed to working closely with the People’s Bank of China and the Agricultural Bank of China to identify and implement measures to improve the RMB clearing Centre’s operations and broaden the use of the Centre in both countries."
Wanfu Zhou, Secretary of the board of Directors of Agricultural Bank of China, said, "We are entering a new era with the Belt and Road Initiative, the bilateral economic and trade cooperation will move towards a higher level and the Centre will provide a solid foundation for enhanced economic activity between our two countries going forward. In the future, ABC will further enhance its financial service capabilities in the UAE and offer full support to the RMB Clearing Centre, and actively participate and promote the development of the RMB market in the UAE."
Recent Stories
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
Nasreen Noori’s book ‘Popatan Jahra Khwab’ launched
Wafaqi Mohtasib inspection team visits Excise and taxation office
AJLAC announces 5th Conference titled ‘People’s Mandate: Safeguarding Civil ..
Pak-US officials engage to enhance trade, investment ties
IBCC to promote educational excellence, expand regional presence
Pakistani 'Blue Helmets' serving UN Peacekeeping Mission in DR Congo set to leav ..
Putin says plans to visit China in May
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago