Dubai is set to become the Middle East's yuan clearing and settlement center by 2015, a United Arab Emirates government economist said on Tuesday.
Starting this year, major UAE banks will offer yuan bank accounts for corporate clients. This will be another step to boost the yuan's role in the region, following a currency-swap agreement intended to promote bilateral trade, Nasser Saidi, chief economist of the Dubai International Financial Center, said on Tuesday.
The economist said the yuan will become the third-largest international currency by 2015, and he forecast that it will account for 20 percent of the currency basket for special drawing rights.
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