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UAE and China renew $4.9bn currency swap deal

The currency swap agreement between China and the UAE has a nominal value of $4.9bn for the next five years 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.

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.

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