Agricultural Bank of China (ABC), the third biggest lender in China in relation to assets, opened here on Wednesday [10 May 2017] a Chinese currency RMB, or the yuan, clearing branch in the United Arab Emirates (UAE)…Full Article: Xinhua May 2017

Key Point

  • From 1984 to 2014, according to UAE statistics, bilateral trade between China and the UAE increased from USD 63 million to USD 54.8 billion. As of early 2017, China had 4,000 companies operating in the UAE and 300,000 citizens residing in the UAE.

ChinaAg Comments

  • In August 2016, the Agricultural Bank of China was selected to clear yuan (CNY) transactions in Dubai (UAE).
  • 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 April 2015, Qatar launched the GCC’s first CNY (Chinese yuan) clearing center with the Industrial and Commercial Bank of China.
  • 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.

Hong Kong Trends

Similar Posts by ChinaAg

Spread the word. Share this post!