China accelerated the devaluation of the yuan on Thursday, sending currencies across the region reeling and domestic stock markets tumbling, as investors feared the Asian giant was kicking off a virtual trade war against its competitors.
The UAE plans to establish a centre for clearing transactions in the yuan, the central bank said on Saturday, becoming the second country in the Middle East to do so as China's economic ties with the region boom.
The Dubai Gold and Commodities Exchange (DGCX) is slated to launch Chinese Yuan futures, scheduled for December 18, subject to regulatory approvals.
The new launch is part of DGCX’s efforts to make the Yuan accessible to reg
Standard Chartered Bank plans to offer preferential interest rates and waive clearing fees as part of its strategy to win market share for the growing yuan business in London.
StanChart said on Monday it will cooperate with Agricu
BankMuscat, a leading financial services provider in Oman, said it has signed a strategic pact with Bank of China to offer payments in Chinese currency Yuan.
With this tieup, BankMuscat becomes the first Omani bank to enable payments in th