Dubai has the potential to host a clearing hub for the Chinese currency, and seeks to attract additional Chinese financial firms to invest in the emirate, head of a local free trade zone said on Wednesday.
Essa Kazim, chairman of the free zone Dubai international financial center (DIFC) authority, said the DIFC could become a clearing hub for the Chinese currency RMB. Earlier in April this year, Qatar established the first RMB clearing hub in the Middle East in Doha.
Earlier in the week, ICBC, the world's largest bank, listed a 500 million dollar bond, the first dollar bond by a Chinese lender in the Middle East, on the Nasdaq Dubai, the international capital market which is located in the DIFC.
Zhou Xiaodong, general manager ICBC Middle East, told Xinhua he hopes for more Chinese firms to follow and to list bonds on Dubai in order to create a liquid market in Dubai as a financial link between the Middle East and East Asia.