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UAE, China agree to set up RMB clearing hub

UAE, China agree to set up RMB clearing hub
Issue Time:2015-12-30
 The United Arab Emirates (UAEhas signed an agreement with China to set up a clearing hub for the Chinese currency Yuan or Renminbi (People's money), local UAE media reported on Sunday. In 2014, Chinasurpassing Indiabecame the biggest trade partner of the UAE as bilateral trade hit nearly 50 billion dollarsGovernment officials estimate bilateral trade to have surpassed $60billion in 2015.Nowmore than 4,000 Chinese firms run branches in the UAEamong them the four biggest Chinese lenders ICBCChina Construction BankAgricultural Bank of China and Bank of China. Over 300,000 Chinese citizens reside in the Gulf Arabian state.
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