DIFC in talks with Chinese central bank for renminbi offshore market | GulfNews.com:
"DIFC (Dubai International Financial Centre) is in initial talks with the People’s Bank of China to set up a renminbi offshore market to tap into enhanced trade and investments flows, a DIFC official said on Monday.
“We are in active dialogue with the People’s Bank of China and the Chinese financial community to make Dubai as a renminbi clearing hub. There is a greater linkage and cooperation on both sides to enhance trade and investments,” said Chirag Shah, chief strategy and business development officer at DIFC, adding “the discussions are in the initial stage”.
In 2013, the renminbi entered the Bank of International Settlements top 10 most traded currency, contributing to 2.2 per cent of total forex volumes."
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