Hamrin News: News from the United Arab Emirates

The exchange of dirhams in Chinese yuan through the Renminbi Clearing House in the UAE increased by 42% in the first half of 2018, compared to the levels recorded at the end of 2017, according to published data yesterday by the Central Bank. "The growth of remittances through the Clearing House, established in 2015, reflects a complete growth in the volume of trade between the two countries, with China being the largest trading partner of the United Arab Emirates, imports from China accounting for 12% The country's total imports, with a total value of 79.9 billion dirhams in 2017, a growth rate of 14.7% over 2016 levels, and China accounted for 3.3% of total UAE non-oil exports, worth 5.1 billion dirhams in 2017. Chinese state-owned enterprise and large Chinese community residing in UAE. "UAE and China discuss ways to strengthen ties between the two countries and to develop their relationships in various sectors, including the economy, trade, investment, education, tourism and renewable energy. "The Clearinghouse Renminbi, established through an effort to joint venture of the Emirates Central Bank and the People's Bank of China, has helped to improve the efficiency of trade between our two countries, as evidenced by the high value of trade and financial exchanges.

"The People's Republic of China is our main trading partner and our trade and investment relationship with China is growing rapidly, as evidenced by the growth of trade volume and the volume of compensation."