China and the United Arab Emirates (UAE) on Tuesday signed a currency swap agreement worth 35 billion yuan ($5.54 billion), the People’s Bank of China said, adding that the deal was effective for three years and would boost their trade and investment. The agreement was announced while Chinese Premier Wen Jiabao tours west Asia, including the Emirates, and is the latest in a string of such arrangements to facilitate greater use of the yuan in international trade.
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