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China and the United Arab Emirates have renewed their local currency swap agreement for a further three years, with a swap line of 35 billion yuan ($5.42 billion), the People’s Bank of China (PBOC) said on Monday.
The United Arab Emirates also will be included in the RMB Qualified Foreign Institutional Investor (RQFII) scheme, with a quota of 50 billion yuan, aimed at promoting bilateral trade and investment.
The RQFII program is a yuan-denominated version of the Qualified Foreign Institutional Investor (QFII) scheme, which was created by China to allow foreigners to invest in Chinese capital markets.
Source: Reuters
