UPDATE 1-UAE's yuan clearing centre clears $6.5 billion in transactions | Reuters:
The renminbi clearing centre in the United Arab Emirates handled 44.57 billion yuan ($6.5 billion) in transactions between January and November, the UAE central bank said on Tuesday.
“This represents a good achievement after only 17 months of operation of the centre,” the central bank said. “However, it is still low compared to the aspirations of the two countries in this area.”
As both a major energy exporter and a hub for international trade, the UAE is an important part China’s “Belt and Road” initiative to invest in infrastructure linking Beijing by sea and land to markets in Asia and Europe.
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