Economic and trade relations between Dubai and China are set to reach new heights. The Dubai International Financial Center - that's the financial hub of the UAE - plans to start settling and clearing transactions in RMB this year. As our correspondent Lourda Sexton discovers, this comes amid increasing trade ties between the two countries - and as Dubai steps up plans to become the offshore centre for yuan settlement in the Middle East.
The United Arab Emirates is now set to become part of the growing offshore RMB market. The UAE’s financial hub, the Dubai International Financial Centre has announced that it plans to start clearing and settling transactions in Renminbi this year. Once the RMB settlement comes into force, it will allow financial institutions operating in the DIFC to clear and settle their transactions in Renminbi, meaning that the cost of trade for companies in the UAE with China will go down.
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