Azerbaijan, Baku, Feb.7 / Trend, A. Taghiyeva /
The National Bank of the United Arab Emirates (UAE) Emirates NBD now permits the opening of bank accounts using Chinese Yuan to facilitate Chinese investments, the Bank's website reported on Thursday.
The bank's addition of the Yuan will also reduce exchange rate risks for small Chinese companies operating in the UAE, making this action one that helps increase trade operations between China and the Persian Gulf countries.
After the beginning of the program, operations in Yuan between China and the UAE can be increased to 10 percent of all total volume of transactions. It is also expected that trade operations in Yuan will significantly increase trade turnover between the two countries.
To date, trade turnover between China and the UAE is $37 billion.