Central Bank plans to improve yuan clearing

The Central Bank of the UAE said yesterday it plans to improve the renminbi (yuan) clearing.

The central held a workshop with the People’s Bank of China (Central Bank of China) and the Agricultural Bank of China to present the results achieved by the RMB Clearing Centre to date, and to identify the actions to be taken to improve renminbi clearing. The importance of renminbi clearing has become important as the UAE and China look to further the “Belt and Road Initiative”.