China’s central bank has chosen Agricultural Bank of China Ltd to clear yuan transactions in Dubai for the United Arab Emirates, sources with direct knowledge of the matter said on Thursday [11 August 2016]. ABC officials were not immediately available to comment. Officials at the People’s Bank of China declined to comment. The sources declined to be identified ahead of an official announcement…Full Article: China Daily Aug 2016

Key Point

  • In April 2015, Qatar launched the GCC’s first CNY (Chinese yuan) clearing center with the Industrial and Commercial Bank of China.

ChinaAg Comments

  • In 2015, China’s Tenfu (tea producer/distributor) and the Dubai-based Rise General Trading entered into a JV agreement on the establishment of Tea Trading International.
  • In September 2014, the Agriculture Bank of China (ABC) listed of a CNY 1 billion yuan (US$163 million) bond on Nasdaq Dubai.
  • Founded in 1951 and headquartered in Beijing, Agricultural Bank Of China (HKG:1288) and (SHA:601288) is China’s third largest bank by assets (as of 2014). In July 2010, the ABC went public and was listed on both the Hong Kong Stock Exchange and Shanghai Stock Exchange.

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