Dubai’s Dragonmart–a 1.2km long shopping mall that is shaped like a dragon–claims to be the largest hub for Chinese products outside China.
It’s no surprise then that Standard Chartered has an office there advising merchants on how they could set up a renminbi account to settle their cross-border trade. With trade between China and the Arab world expanding, so too is the competition among banks to provide the particular financial services such traders might need.
The Industrial and Commercial Bank of China Middle East, a unit of one of China’s largest state-owned bank by market cap, has certainly headed Beijing’s call to expand overseas.
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