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The continued internationalization of China’s currency keeps gathering pace, as People’s Bank of China plans to pick a Chinese bank to clear yuan transactions in the UAE, becoming the second country in the Middle East to do so as China’s economic ties with the region boom.
In 2015, Qatar became the first country in the Middle East to host a yuan clearing and settlement facility, with Industrial and Commercial Bank of China (ICBC) becoming the clearing bank. Qatar has become ICBC’s third-largest overseas clearing center globally behind Singapore and Luxembourg, handling 350 billion yuan ($52.6 billion) in transactions since it launched.
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