In key recommendations of its 15th Five-Year Plan, the Chinese mainland has prioritized advancing the internationalization of the renminbi (RMB). At the crossroads of Asia and the Middle East, emerging Gulf markets are catching the RMB fever! 🌟
Gulf economies have been turning to RMB as the Chinese mainland ramps up economic and financial cooperation. Leading the charge is the Agriculture Bank of China’s Dubai Branch (AgBank), the UAE’s first RMB clearance bank. Since opening in 2016, AgBank in Dubai has cleared over 900 billion yuan (about $126.5 billion) – and just in 2024 alone, it processed more than 200 billion yuan! 📈
Hot on AgBank’s heels, First Abu Dhabi Bank became the UAE’s second RMB clearing bank this year and the first local bank authorized by the central bank of the Chinese mainland. This move simplifies settlements and gives more businesses across the region broad access to RMB.
Data from the central bank of the Chinese mainland show that in the first nine months of 2025, cross-border RMB receipts and payments between the Chinese mainland and the UAE reached 864 billion yuan. As both sides aim to lift bilateral trade to $200 billion, the sky’s the limit for RMB’s role in Middle East commerce. 🚀
With more banks joining the RMB party and trade targets on the rise, we’re watching a financial revolution unfold in real time. Stay tuned – big things are happening at the crossroads of Asia and the Middle East! 🔥
Reference(s):
cgtn.com
