Abu Dhabi a ‘natural choice’ for Middle East yuan clearance centre | The National

Abu Dhabi a ‘natural choice’ for Middle East yuan clearance centre | The National:

"Abu Dhabi is the “obvious” location to develop a Middle East clearing centre for the Chinese currency, says the managing director of a leading securities brokerage in the capital.

Philippe Ghanem, the managing director and vice chairman of ADS Securities, was speaking as competition hots up among global financial centres to grab a slice of the growing yuan offshore trading market.

“The obvious place to develop a Middle East hub would be in Abu Dhabi as part of the Abu Dhabi Global Market [ADGM],” he said. “The ADGM is the only specialist market-making and price-producing financial centre. It has the necessary financial infrastructure with the necessary laws covering clearing and settlement which would allow it to host a renminbi [the yuan’s other name] global clearing house.”"

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