Posted 11/29/2023, 5:08:23 PM
UAE and China Sign Currency and Digital Currency Deals Ahead of UAE's Entry into BRICS Alliance
- UAE and China signed a currency swap agreement and memorandum of understanding to collaborate on central bank digital currencies (CBDCs)
- The deals aim to promote use of local currencies and advance digital finance capabilities
- This comes amid rising prevalence of the BRICS economic alliance
- China has seen success with its digital yuan CBDC, sparking speculation it could become a BRICS staple
- The UAE accepted an invitation to join BRICS in August 2023; the currency and CBDC deals establish relations prior to official entry