Trade UAE and China renew $4.9bn currency swap deal By Pramod Kumar November 29, 2023, 6:52 AM Wam The currency swap agreement between China and the UAE has a nominal value of $4.9bn for the next five years The UAE and China have renewed their currency swap agreement to settle cross-border financial and trade transactions in local currencies. The Central Bank of the UAE and the People’s Bank of China signed a currency swap agreement with a nominal value of AED18 billion ($4.9 billion) for the next five years, UAE state-owned Wam news agency reported. China’s slump won’t stop the GCC good times China and Arab states sign $471m worth of agri deals China shows faith in Egypt with deeper investment Last week, the People’s Bank of China and the Central Bank of Saudi Arabia signed a local currency swap agreement worth 50 billion yen or SAR26 billion ($6.93 billion). The UAE and Chinese central banks will also work on digital currency development and support the implementation of joint initiatives and projects, including the “mBridge” project, a multi-central bank digital currencies platform facilitating cross-border trade payments. The cooperation includes training and skills development for specialists. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
