UAE, China central banks sign pact
The People's Bank of China and the Central Bank of the UAE entered into a 35 billion yuan currency swap agreement
Beijing: The People's Bank of China and the Central Bank of the UAE entered into a 35 billion yuan (Dh20 billion) currency swap agreement, the Chinese central bank said in a statement yesterday.
The agreement is aimed at "strengthening bilateral financial cooperation, promoting trade and investments, and jointly safeguarding regional financial stability," the Chinese central bank said.
The three-year agreement can be further extended, the PBOC said.
Cooperation
Chinese Premier Wen Jiabao is on an official visit to Saudi Arabia, the UAE and Qatar from January 14 to 19.
China "is ready to work with the UAE to further deepen and broaden practical cooperation between the two countries," Wen said, China's state-owned People's Daily reported on its website yesterday.
