China's central bank and its UAE counterpart have renewed a five-year exchange agreement worth $4.9 billion worth of local currencies as part of strengthening joint economic cooperation. The bilateral agreement is the latest in Beijing's ongoing efforts to make its currency tradable with strategic partners, especially since the UAE recently joined the BRICS grouping with five other countries, including Saudi Arabia.
The UAE Central Bank and the People's Bank of China in Beijing signed an agreement to renew the swap of the two countries' currencies, in conjunction with the signing of a memorandum of understanding to enhance technical and technical cooperation in the development of digital currency for central banks. The renewal of the currency swap agreement, worth up to 18 billion dirhams, equivalent to 35 billion Chinese yuan, aims to develop financial and trade cooperation between the two countries.
Source (Al-Arab Newspaper of London, Edited)
