The United Arab Emirates has become the latest country with which China has signed a currency swap agreement, worth 35bn yuan ($5.5bn), aimed at promoting bilateral trade and that could boost the renminbi’s role in the Middle East.
The agreement will be effective for three years, Reuters reports, and was announced by the People’s Bank of China (PBOC) during Chinese premier Wen Jiabao’s regional tour amid efforts to secure key energy supplies.
The agreement is aimed at “strengthening bilateral financial cooperation, promoting trade and investments, and jointly safeguarding regional financial stability,” the Chinese central bank said according to Reuters.
No comments:
Post a Comment