China, UAE sign 35 billion yuan currency swap

China and the United Arab Emirates 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 two-way trade and investment.
The agreement signed in Dubai was announced while Chinese Premier Wen Jiabao tours the Middle East, including the Emirates, and is the latest in a string of arrangements to facilitate greater use of China''s yuan in international trade. The PBOC announced the deal on its website (www.pbc.gov.cn) and said it was worth 20 billion dirhams, the UAE''s currency.