The Dubai International Financial Centre (DIFC), the United Arab Emirates’ financial hub, expects to permit transactions in Chinese yuan from this year, industry sources told Reuters on Thursday.
The change would represent an important step in China’s drive to encourage international use of its currency, since the UAE is one of the world’s top five oil exporters and the second largest Arab economy in the Gulf.
Nasser Saidi, the DIFC’s chief economist, said financial authorities were discussing the plan. The DIFC, which operates under special regulations, is a regional financial centre in which hundreds of international banks, asset managers, insurers, law firms and other companies are based.
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