UAE-China currency swap ‘going well’

The UAE Central Bank said yesterday that a planned currency swap between China and the UAE is going well and that transactions between the two countries are up 13 per cent year on year.

“It is going very well and we can do more,” said Mubarak Rashid Al Mansouri, UAE Central Bank governor, as he addressed reporters in Abu Dhabi yesterday. The UAE Central Bank also plan to hold workshops between stakeholders of both sides for awareness purposes. The currency swap deal was signed in 2015.

In a statement on Tuesday, the UAE Central Bank said it cleared transactions worth $7.01 billion (44.57 billion yuan; Dh25.74 billion) from January up to November 2018 through the Renminbi Clearing Centre in the UAE. The centre was launched in May 2017 to boost trade between the two countries.