China, UAE agree to establish RMB clearing hub LeapRate

December 28, 2015 BY Maria Nikolova

China, UAE agree to establish RMB clearing hub

The internationalization of the Chinese currency keeps gathering pace, as the United Arab Emirates (UAE) and China have signed an agreement to establish a clearing hub for the Chinese Yuan or Renminbi, Xinhua reported on Sunday referring to UAE media sources. This will be the second RMB clearing hub in the Middle East after Qatar launched the…

China's yuan goes international whilst Euro faces shaky future

In 2014, the yuan was used for over $1.6 trillion of international payments, according to information from the Chinese central bank that was published early this week, and has swap agreements with 14 countries. China is demonstrating a clear will for the yuan to become a reserve currency

Tag: yuan clearing

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