The Central Bank of the United Arab Emirates renewed the local currency swap agreement, and Sino-Arab relations continued to get closer, and the United States could not sit still. Recently, the central bank of the United Arab Emirates and the People's Bank of China renewed a local currency swap agreement, a move that not only reflects the continued proximity of Sino-Arab relations, but also makes the United States feel the crisis. According to the Observer, the signing of this agreement will accelerate the internationalization of the renminbi and impact the status of the dollar as a world currency. At the same time, the United States has recently been pressuring the UAE to prevent China and the UAE from strengthening AI cooperation. However, Khaled, governor of the Central Bank of the United Arab Emirates, took the initiative to come to Hong Kong, China, and signed a local currency swap agreement with Pan Gongsheng, governor of the People's Bank of China, to deepen China-Arab financial cooperation.
The local currency swap agreement is an important financial cooperation between the two countries to promote bilateral** and investment. Through local currency swaps, the two countries can provide liquidity support to each other, reduce the cost of cross-border transactions, and promote bilateral** and investment. The renewal of the local currency swap agreement between the Central Bank of the UAE and the People's Bank of China will not only help deepen China-UAE financial cooperation, but also further promote the internationalization of the RMB.
Against the backdrop of the continued proximity of Sino-Arab relations, the United States is beginning to feel the crisis. The United States has always regarded the dollar as the world currency and controlled the global economy through its hegemony. However, as the internationalization of the renminbi accelerates, the position of the US dollar will be affected. The signing of the local currency swap agreement is undoubtedly a response to the pressure exerted by the United States. UAE Central Bank Governor Khalid took the initiative to come to Hong Kong, China, and signed a local currency swap agreement with Pan Gongsheng, Governor of the People's Bank of China, expressing the UAE's firm determination to China's financial cooperation.
In the future, we look forward to deepening China-Arab cooperation in artificial intelligence and other fields. As Sino-Arab relations continue to get closer, the cooperation between the two countries will become even closer. This kind of cooperation will not only help promote global financial cooperation to a higher level, but will also have a certain impact on the hegemony of the US dollar.