Emirates NBD first with yuan accounts

Emirates NBD yesterday became the first bank in the country to announce the launch of Chinese currency accounts for private individuals in a bid to service the country's rapidly growing ties with China.

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The bank said the products, open for businesses and individuals, are intended to allow customers with links to China to conduct easier trade settlements and the option of holding their balance in the currency.
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The step will also help individual investors and small businesses to hedge against the risk of the yuan's appreciation against the US dollar.
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"The enormous increase in UAE's bilateral trade with China and the resultant fast-growing Chinese-related business and resident population in the country have turned the focus significantly on the world's second-largest economy," said Suvo Sarkar, the general manager of retail banking at Emirates NBD.

Read more: http://www.thenational.ae/thenationalconversation/industry-insights/economics/emirates-nbd-first-with-yuan-accounts#ixzz2KCZFKRPa