Emirates NBD launches new Yuan account

Emirates NBD on Wednesday announced the launch of Chinese Yuan currency-denominated account products that include current accounts, call accounts and fixed deposits. The new products are expected to support SME customers with existing China affiliations to conduct easy trade settlements, provide them with an option of holding their balances in Yuan, and hedge their currency risks. The new products can also be used by investors, both of Chinese origin and from other nationalities, to explore investment related opportunities in Chinese Yuan. The launch of Emirates NBD’s Yuan currency-denominated products follows from the significant growth in bilateral trade between China and the UAE, which increased five-fold over the past 10 years to touch US$15.6 billion (Dh57.3 billion) in 2012 from US$3.12 billion in 2002, according to a study by the UAE Ministry of Foreign Trade. “The enormous increase in UAE’s bilateral trade with China and the resultant fast growing Chinese-related business and resident population in the country, have turned the focus significantly on the world’s second largest economy,” said Suvo Sarkar, general manager of Retail Banking at Emirates NBD Source: Khaleej Times