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Agricultural Bank of China starts RMB settlement in UAE

Staff Writer | May 11, 2017
Agricultural Bank of China (ABC), the third biggest lender in China in relation to assets, opened on Wednesday a Chinese currency RMB, or the yuan, clearing branch in the United Arab Emirates (UAE).
Currency   The first yuan clearing bank
The Dubai branch is ABC's first yuan clearing bank and its second branch in the Middle East after another branch in the Dubai International Financial Center (DIFC), the biggest financial free zone in the region.

ABC said in a media statement at the opening ceremony that the new branch is to improve ABC's global settlement business, contribute to internationalization of yuan, and support the Belt and Road Initiative.

Its Dubai Branch will provide diversified banking services including yuan settlement, trade finance, syndicated loans and foreign exchange transactions.