The People's Bank of China (PBOC) Governor Pan Gongsheng met Abu Dhabi First Bank (FAB) Chief Executive Officer Rostamani to discuss FAB’s business development in China and wider financial cooperation, and witnessed the signing of a renminbi business clearing agreement. Subject to PBOC authorisation, FAB will take on the role of the United Arab Emirates’ second renminbi clearing bank and will be the first regional domestic bank to serve as a renminbi clearing bank. The arrangement is intended to broaden renminbi clearing service options to support China–UAE trade, investment and related settlement needs.
Central Bank of the Republic of China 2025-10-28
People's Bank of China witnesses renminbi clearing agreement with Abu Dhabi First Bank for UAE’s second renminbi clearing bank role
The People's Bank of China (PBOC) and Abu Dhabi First Bank (FAB) have signed a renminbi business clearing agreement, with FAB set to become the UAE's second renminbi clearing bank, pending PBOC authorization. This move aims to enhance renminbi clearing services to support China-UAE trade and investment.