What's news

Governments and policies

UAE, China to set up RMB clearing hub

The United Arab Emirates has signed an agreement with China to set up a clearing hub for the yuan, UAE media reported on Sunday. The UAE clearing hub for the Chinese currency, which will satisfy growing needs among UAE-based firms and banks alike, will be the second in the Middle East after Gulf state Qatar set up the region's first renminbi clearing hub in April. According to reports, the UAE's central bank said that the agreement was signed while Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed Al-Nahyan was in China for an official visit earlier this month.