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China, UAE ink RMB 35 bln-currency swap deal

Jan. 18, 2012 (China Knowledge) - China and the United Arab Emirates signed a currency swap agreement worth AED 20 billion or RMB 35 billion on Tuesday in Dubai, said China's central bank People's Bank of China or PBOC.

Pursuant to the US$5.54-billion agreement, the deal was effective for three years, PBOC added.

Bilateral trade between China and UAE totaled US$32 billion in the first 11 months of 2011, reflecting a year-on-year increase of 38.2%. Of the trade value, Chinese exports to UAE were valued at US$24.3 billion.

Analysts said China's long-term currency swap plan is to boost the use of RMB for the direct settlement of cross-border trade, as well as unseat the U.S. dollar as the dominant unit of key international currency.

At present, China has signed the currency swap agreements worth at least RMB 1.3 trillion with 15 countries and regions, such as South Korea, Malaysia, Hong Kong, Belarus and Argentina, sources reported.

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