Abu Dhabi-Mubasher: The UAE plans to set up a centre for clearing transactions in the yuan, becoming the second country in the Middle East to take such step after Qatar, the UAE Central Bank said on Saturday.
The action follows the International Monetary Fund's (IMF) decision in November to admit the yuan into its Special Drawing Rights basket.
The bank added in a statement that this could help encourage other countries to use the currency for reserves, trade and investment.
The yuan is expected to play a growing role in trade, investment and financing between China and the UAE, according to China's official Xinhua news agency.
