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UAE's yuan clearing centre clears USD6.5bn in transactions

The renminbi clearing centre in the UAE handled 44.57bn yuan (USD6.5bn) in transactions between January and November, the UAE Central Bank said Tuesday. “This represents a good achievement after only 17 months of operation of the centre,” the Central Bank said. “However, it is still low compared to the aspirations of the two countries in this area.” As both a major energy exporter and a hub for international trade, the UAE is an important part China’s “Belt and Road” initiative to invest in infrastructure linking Beijing by sea and land to markets in Asia and Europe. Launched in May 2017, the centre is operated by Agricultural Bank of China (ABC) and is aimed at boosting financial and trade ties between China and the UAE.