Dubai PR Network, Online Press Release from Dubai and Middle East
 
Banking & Insurance(Banking & Investments)
Filter PR by
  
CBUAE and Central Bank of China meet to Enhance Renminbi Clearing in the UAE
 
CBUAE and Central Bank of China meet to Enhance Renminbi Clearing in the UAE
Dubai, UAE, December 11, 2018:  Central Bank of the UAE (CBUAE) today hosted a workshop with the People’s Bank of China (Central Bank of China) and the Agricultural Bank of China on “Improving the Renminbi Clearing in the UAE”. 
 
The aim of the workshop is to present the results achieved by the RMB Clearing Centre to date, and to identify the actions to be taken to improve the arrangements for Renminbi clearing in the UAE.
 
This workshop is taking place almost a year and half after the official launch of the Renminbi Clearing Centre in the UAE (Dubai) on May 10, 2017. The Centre represents a major part of the efforts to foster further economic ties between China and the UAE. The importance of Renminbi Clearing has become increasingly important as the UAE and Chinese Government’s deepen their cooperation to further the 'Belt and Road Initiative' and work towards establishing sustainable trade and investment partnerships. The value of transactions cleared by the Center during the period January – November 2018 reached RMB 44.57 billion (US$ 7.01 billion). This represents a good achievement after only 17 months of operation of the Center; however, it is still low compared to the aspirations of the two countries in this area.
 
H.E.  Mohamed Ali Bin Zayed Al Falasi, Deputy Governor of the CBUAE said: “we are taking this opportunity to signal our continued commitment to improving the Renminbi clearing arrangements in the UAE to further our trade and investment relationships with China”.
He also added “CBUAE remains committed to working closely with the People’s Bank of China and the Agricultural Bank of China to identify and implement measures to improve the RMB clearing Centre’s operations and broaden the use of the Centre in both countries”.
 
Mr. Wanfu Zhou, Secretary of the Board of Directors of Agricultural Bank of China “we are entering the new era with the Belt and Road Initiative, the bilateral economic and trade cooperation will move towards a higher level and the centre will provide a solid foundation for enhanced economic  activity between our two countries going forward. In the future, ABC will further enhance its financial service capabilities in the UAE and offer full support to the RMB Clearing Centre, and actively participate and promote the development of the RMB market in the UAE.”
 
The event was attended by H.E Mohamed Ali Bin Zayed Al Falasi, Deputy Governor of the CBUAE, H.E Jian Ni, Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China in the UAE, Ms. Yingli Huo, Director-General of Monetary Policy Department II at the People’s Bank of China, and Mr. Wanfu Zhou, Secretary of the Board of Directors of Agricultural Bank of China (ABC), in addition to senior representatives from both institutions and other organizations with important business partnerships in China, and by the UAE banking community.


Posted by : Dubai PR Network Editorial Team
Viewed 5911 times
PR Category : Banking & Investments
Posted on : Tuesday, December 11, 2018  4:40:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Oman UAE Exchange Launches Online Money Transfer Service
Next Story : Banks to Assess Credit Worthiness of Customers with Al Etiha...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Introducing Burberry Bespoke Fragrances [7979-Views]
Celebrate the Month of Love with a Brighter Smile at The Smile Bar [7576-Views]
Longchamp Spring/summer 2019 Show [6576-Views]
Malabar Gold & Diamonds opens a new showroom in Millennium Dubai Airport Hotel to cater to... [6381-Views]
Making many tones from one [6124-Views]
Global Village presents Scheherazade, a timeless tale of intrigue and adventure [6015-Views]
Always take the front row with this 7.2” supersized smartphone screen [5606-Views]
Turkish Airlines reached the 80.2% Load Factor in December 2018. [5417-Views]
Tag Heuer Demonstrates Watchmaking Mastery With Its New Carrera Calibre Heuer 02t Tourbill... [5331-Views]
A Chaumet Valentine's Day Sentimental jewellery [5289-Views]
Celebrate Valentine's Day With a Quintessential Timepiece From D1 Milano [5252-Views]
Eberhard & Co. Gilda makes an extraordinary Valentine's Day gift [5179-Views]
The Preston watch collection by Coach [4947-Views]
Tissot PRS 516 Alpine Limited Edition A sporting tribute [4856-Views]
Beef Sushi- Love at first bite [4788-Views]
Bollywood Actor Anil Kapoor to inaugurate 2 new outlets of Malabar Gold & Diamonds in UAE ... [4752-Views]
Persil Appoints Nancy Ajram as the new Regional Brand Ambassador [4752-Views]
Third Edition of Al Shira'aa International Horse Show Concludes with Thrilling Finale [4679-Views]
Walid Atallah's “Dream Dress”: The new revolution in the World of Fashion 2019 [4508-Views]
Nicole Kidman at the Golden Globe Awards [3953-Views]
Flying Grand Regulator now available in new colour combinations [3910-Views]
Joyalukkas Shopper wins BMW Car in DSF Mega Promotion [3904-Views]
Time for Unsung Heroes to Be Recognised With Citizen Campaign [3880-Views]
Luxury jewelry house Dhamani 1969 launches exclusive CHRYSALIS collection [3733-Views]
Al Mouj Muscat pays tribute to Oman with Layers of Oman Exhibition [3727-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories