China, UAE sign CNY35bn currency swap to boost trade, investments

18 January 2012 04:27  [Source: ICIS news]

SINGAPORE (ICIS)--China has signed a yuan (CNY) 35bn ($5.6bn) currency swap agreement with the UAE to promote trade and investments between the two countries over three years.

The deal is effective from 2012-2014, the countries said in a joint declaration on Wednesday.

“This would accelerate Chinese companies to invest in the UAE and reinforce security of the country’s energy supply,” said China Association of International Trade (CAIT) president Wang Junwen.

($1 = CNY 6.31)

By: Rachel Yang

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