Any decision by the United Arab Emirates to include the Chinese yuan into the UAE central bank's official foreign currency reserves would be the result of a long-term process, the bank's head said on Friday.
In January, the UAE signed a three-year currency swap agreement with China worth 20 billion dirhams ($5.45 billion) to boost two-way trade and investment.
Asked if the central bank also considered making the Chinese yuan a part of its official reserves, Central Bank Governor Sultan Nasser al-Suweidi said: "This is a long-term issue."
"It is a long-term agreement so it will take time to implement it. So we are patient," he told reporters on the
sidelines of a financial conference in the UAE trade hub Dubai.
China, a relatively modest importer of UAE crude, has signed a series of currency swap agreements in recent years with key trading partners to boost the use of the yuan for the direct settlement of international trade.
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