UAE central bank joins Hong Kong’s bond clearing scheme
Monetary authorities say move will provide Gulf state with direct access to renminbi debt market
The United Arab Emirates’ central bank joined Hong Kong’s bond clearing scheme today (February 12), in a move that both jurisdictions’ monetary authorities said would provide the Gulf state with greater access to mainland China’s capital markets.
In a joint statement, the Hong Kong Monetary Authority (HKMA) and the Central Bank of the UAE said the move was the result of a memorandum of understanding that was signed when the institutions’ leaders met in Hong Kong in December. This had followed
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