China and the United Arab Emirates on Tuesday signed a currency swap agreement worth 35 billion yuan, or about 5.54 billion US dollars, effective for 3 years.
According to People?s Bank of China, the deal was signed during Premier Wen Jiabao visit to the Middle East and is expected to boost the economy of both sides through lifting two-way trade and investment.
Trade between the two sides reached 32 billion dollars from January to November of last year, a sharp rise of nearly 40 percent in the same period of 2010.
The deal is the latest in a string of currency arrangements in recent years with key trading partners in a bid to boost the use of yuan for the direct settlement of international trade.
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Editor:Zhang Rui |Source: CNTV.CN
Source: http://c.moreover.com/click/here.pl?r5769043677
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