UAE seeks to welcome the yuan | The National:
"China’s currency has touched record highs against the US dollar in recent weeks, reinforcing the need for the UAE to build a case for becoming a global trading centre for the yuan, say economists.
The yuan hit a peak of 6.08 to the dollar on October 25, capping a burst in strength as China’s central bank loosens the reins on the currency. On Friday, it was trading at 6.1, bringing the rise against the dollar to 2.24 per cent since the start of the year.
A stronger yuan signals Beijing may be ready to take further steps to internationalise the currency.
The currency’s lift has also coincided with China signing agreements with the United Kingdom and Singapore in recent weeks to allow investors from those countries to invest in its domestic markets more easily."
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