UAE-China sign Dh20bn currency swap

China-UAE sign currency swap agreement(Dubai) – China and the United Arab Emirates have signed a currency swap agreement worth 20 billion dirhams, the People’s Bank of China said in a statement.

The agreement signed in Dubai was announced during Chinese Premier Wen Jiabao’s visit to UAE. The deal that will remain effective for three years is a measure to boost two-way trade and investment.

Being the world’s single largest exporting nation and the second largest importer; China in recent years has signed a series of such currency swap agreements with its key trading partners in a bid to boost internationalization of the use of the yuan in trade. Other countries that have signed similar deals recently include Thailand and South Korea.

Posted on Jan 17 2012. Filed under Headlines, National News, News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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