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.
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