Biden forced the UAE to sever diplomatic relations with China, and the UAE flipped the table witho

Mondo International Updated on 2024-01-19

withSaudi ArabiaRelations with Iran have eased, and China is inMiddle EastThe influence of the region is gradually increasing, and China is withMiddle EastCooperative relations between countries are getting closer and closer. Chinese peopleBankswithSaudi ArabiaCentral banks50 billion signedRMBBilateral local currency swap agreements, as well as with the UAE**Banks35 billion yuan signedRMBBilateral local currency swap agreements facilitate the exchange of currencies between the two countries. The renewal of these agreements will not only help boost both countriesEconomydevelopment, but also for the worldCurrencyDiversity injects new energy.

Bilateral local currency swap agreements are two countries**BanksA special agreement that allows the two parties to exchange a certain amount of their own currency for the equivalentCurrencywhile paying the corresponding interest asCurrencyRemuneration for usufruct rights. This protocol can be effectively circumventedForex marketvolatilityCurrencyLoss of value. China withSaudi ArabiaThe local currency swap agreement signed by the United Arab Emirates not only enhances the cooperation between the two sides, but also reflects China's efforts to actively promote "de-dollarization".

However, China withSaudi ArabiaThe cooperation with the United Arab Emirates has caused dissatisfaction and concern in India and the United States. India has always had a ** competition with China, whenMiddle EastAfter the country signed a local currency swap agreement with China, India inevitably felt uncomfortable. Although India wants to pushRupeeofInternationalButRupeeof convertibility andInternationalThe limited market share makes India's influence in the world** not significant enough.

At the same time, U.S. concerns about China's cooperation with the UAE have become more apparent. The United States has sought to ensure its dominance in areas such as artificial intelligence, big data and quantum computing by blocking cooperation with Chinese companies, G42, a UAE artificial intelligence company. However, the UAE has made it clear that it will not sacrifice ties with other countries for the sake of developing relations with the United States, which also shows that the UAE does not want to get involved in the struggle between major powers and advocates the concept of win-win cooperation.

China's promotion of the layout of the local currency swap agreement has achieved initial resultsRMBMaking transactions and settling has become a reality. fromSaudi Arabiaand the UAERMBSettle and sign a local currency swap agreement with China, and then start using it for some refiners in IndiaRMBSettlement of Russia's ** imports, which are all for China's layoutRMBPositive response and support.

Against the backdrop of growing calls for "de-dollarization", withRMBThe trend towards trading and settlement will be further strengthened. With China withMiddle EastThe cooperation between countries and other countries is constantly strengtheningRMBofInternationalNew steps will be taken in the process of industrialization and transformation. For China, stabilityInternationalCurrencysystem and promoting the diversification of the global ** is a positive step that is expected to improve China's efforts in the worldEconomyinfluence. At the same time, China's layout has also been dissatisfied and interfered with by India and the United States, but China adheres to the principle of win-win cooperation and will not be defined by great power competition, but has always been committed to promoting multipolar development and globalizationEconomyof prosperity.

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