China's AgBank to clear yuan transactions in Dubai for UAE
Agricultural Bank of China Ltd (AgBank) will be allowed to clear yuan transactions in Dubai for the United Arab Emirates, sources with direct knowledge of the matter said on Thursday. China's central bank is expected to pick a Chinese lender to clear yuan transactions in the UAE by the end of the year. Qatar opened the region's first yuan clearing centre in April last year, with Industrial and Commercial Bank of China (ICBC) the clearing bank. (Reuters)
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