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DIFC to allow yuan transactions this year

 
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Kirk
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Joined: 01 Jan 1970
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PostPosted: Sat Feb 25, 2012 7:06 pm    Post subject: DIFC to allow yuan transactions this year Reply with quote

Dubai International Financial Centre (DIFC) expects to allow transactions in Chinese yuan from this year, Reuters has reported, citing industry sources. The chief executive of the UAE’s financial hub, Nasser Saidi said financial authorities were discussing the plan. The DIFC currently operates a payments system which focuses on settlements in US dollars and euros. Adding the yuan would allow companies to use it instead of Western currencies for non-oil trade involving China. This would save time and transaction costs, Saidi said.
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