China and the United Arab Emirates signed a multibillion-dollar currency swap deal in the latest indication of the growing political and economic links between Beijing and the Gulf.
The swap, valued at Rmb35bn ($5.5bn), is the latest in a series of currency deals China has agreed with foreign nations. It is effective for three years and will allow the central banks to draw on the local currency facility to ease bilateral trading.
The announcement came as the Chinese premier, Wen Jiabao, visited the UAE for the first time as part of a three-country tour of oil-rich Gulf states. The visit acts as a political statement to boost China’s ties to the UAE, and as a pragmatic measure for increasing business with the Gulf’s trade hub.
您已閱讀31%（733字），剩余69%（1610字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。