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Chinese yuan gains currency in the Gulf states
China’s pursuit of internationalising the yuan, currency swaps, e-currency, cross-border deals and digitalised currency have recently made international news. These efforts are mainly on the rise with Gulf states. On 28 November 2023, the People’s Bank of China and the Central Bank of the United Arab Emirates renewed their currency swap agreement worth US$4.89 billion for five years. Both banks also signed a memorandum of understanding to enhance collaboration in digital currency development. Meanwhile, the Dubai Financial Market, in collaboration with Nasdaq Dubai and the Shanghai Stock Exchange, signed a ... (full story)