The Renminbi Clearing Centre is operated by the Agricultural Bank of China
The Renminbi Clearing Centre set up in the UAE in May 2017 handled nearly $6.5 billion (44.57 billion yuan) in transactions between January and November 2018, according to the UAE’s Central Bank.
“This represents a good achievement after only 17 months of operation of the centre,” the Central Bank said in a statement. “However, it is still low compared to the aspirations of the two countries in this area.”
The centre, which handles currency transactions from commitments through settlements, is operated by the Agricultural Bank of China (ABC).
“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,” said Central Bank deputy governor Mohamed Ali Bin Zayed Al Falasi said during a workshop with ABC and People’s Bank of China.
Al Falasi added that “CBUAE remains committed to working closely with the People’s Bank of China and 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 ABC, said that the UAE and China are entering “a new era” through China’s 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,” he said.
“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 ad promote the development of the RMB market in the UAE.”For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.