CBUAE, People’s Bank of China renew currency swap pact

CBUAE, People’s Bank of China renew currency swap pact

ABU DHABI / WAM The Central Bank of the UAE (CBUAE) and the People’s Bank of China on Tuesday signed an agreement to renew the currency swap between the UAE and China and a memorandum of understanding (MoU) to enhance technical and technological cooperation in the development of central bank digital currencies. The signings will ...

ABU DHABI / WAM

The Central Bank of the UAE (CBUAE) and the People’s Bank of China on Tuesday signed an agreement to renew the currency swap between the UAE and China and a memorandum of understanding (MoU) to enhance technical and technological cooperation in the development of central bank digital currencies.

The signings will enhance the strategic partnership between the two friendly nations and expand the bilateral relations in the financial and economic fields.

Khaled Mohamed Balama, Governor of CBUAE, and Pan Gongsheng, Governor of the People’s Bank of China, signed the agreement and the MoU in Hong Kong in presence of the UAE Counsel General in Hong Kong, Shaikh Saoud Ali Almualla.

The renewal of the currency swap agreement between the two countries, which has a nominal value of AED18 billion (equivalent to 35 billion Chinese yuan), for the next five years aims to promote financial and