UAE focuses on China, top bank launches renminbi accounts
(11 February 2013 – China) A top United Arab Emirates (UAE) has launched its own renminbi accounts to support small and medium enterprises (SMEs).
Emirates NBD – the biggest lender by assets in the UAE, has launched its own renminbi-denominated accounts and deposits to support SMEs that conduct trade settlements in the region.
The bank said the new products were especially designed to support SME customers in the UAE with China affiliations.
The accounts allow them to conduct trade settlements and hedge currency risks. There are some 3,000 Chinese firms in the UAE.
Emirates NBD said the enormous increase in the UAE’s bilateral trade with China and the fast growing Chinese-related business and resident population in the UAE have made the UAE focus significantly on China.
Bilateral trade between China and the UAE increased fivefold over the past 10 years to US$15.6 billion in 2012.
The bank said the new products were especially designed to support SME customers in the UAE with China affiliations.
The accounts allow them to conduct trade settlements and hedge currency risks. There are some 3,000 Chinese firms in the UAE.
Emirates NBD said the enormous increase in the UAE’s bilateral trade with China and the fast growing Chinese-related business and resident population in the UAE have made the UAE focus significantly on China.
Bilateral trade between China and the UAE increased fivefold over the past 10 years to US$15.6 billion in 2012.