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Wednesday, 10 August 2016

INTERVIEW-China set to choose yuan clearing bank for UAE by end of year | Reuters

INTERVIEW-China set to choose yuan clearing bank for UAE by end of year | Reuters:

"China's central bank is expected to pick a Chinese lender to clear yuan transactions in the United Arab Emirates by the end of the year, which would strengthen the growing economic ties between China and the Middle East, a Chinese banking executive said.

Qatar opened the region's first yuan clearing centre in April last year, with Industrial and Commercial Bank of China (ICBC) becoming the clearing bank.

A clearing centre can handle all parts of a currency transaction from when a commitment is made until it is settled, reducing costs and time taken for trading."



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