The People's Bank of China and the Central Bank of the United Arab Emirates signed a Memorandum of Understanding on Strengthening Cooperation in Central Bank Digital Currency

ChainCatcher News, the People's Bank of China and the Central Bank of the UAE have renewed a currency swap agreement in Hong Kong worth 35 billion RMB / 18 billion dirhams (4.9 billion USD), extending the bilateral currency swap agreement for five years to promote financial and economic ties. The two parties also signed a Memorandum of Understanding on Strengthening Cooperation in Central Bank Digital Currency to enhance technical cooperation in the development of central bank digital currencies. The renewed agreement will promote bilateral trade and strengthen financial cooperation between the two countries, and will facilitate the provision of liquidity to financial markets in local currencies, enabling more effective and efficient settlement of cross-border financial and trade transactions.