China and the UAE signed a currency swap amounting to 35 billion yuan

Almaty. December 15. Silkroadnews - The central banks of China and the United Arab Emirates (UAE) on Monday signed an agreement on currency swap yuan / AED, reports People's Daily.
This agreement was signed in the amount of 35 billion yuan (20 billion dirhams which equals $5.4 billion) for a term of three years with a possible extension of the document with the consent of both parties. The agreement will promote bilateral trade and to provide liquidity support to the financial markets.
The sides also signed a memorandum on cooperation in the field of yuan settlements in the UAE, and agreed to expand the pilot areas of the program RQFII (yuan qualified foreign institutional investors) to UAE investment quota of 50 billion yuan ($7.75 billion).
The above documents will improve the trade and investment activities between China and the UAE, indicating a new step in the bilateral financial cooperation, noted the Central Bank of China.