Top UAE bank launches renminbi trading

Emirates NBD launches renminbi accounts to support SMEs.

The bank, the biggest lender by assets in the United Arab Emirates, has launched its own renminbi-denominated accounts and deposits to support small and medium enterprises (SMEs) that conduct trade settlements.

Emirates NBD said the new products were especially designed to support SME customers in the UAE with China affiliations. The accounts allow them to conduct trade settlements and hedge currency risks. There are some 3,000 Chinese firms in the UAE.

Emirates NBD said the enormous increase in the UAE’s bilateral trade with China and the fast growing Chinese-related business and resident population in the UAE have made the UAE focus significantly on China.

Bilateral trade between China and the UAE increased fivefold over the past 10 years to US$15.6 billion in 2012.