Dubai Gold and Commodities Exchange teams up with 2 Chinese banks

With the aim of evoking more interest of Chinese investors and in a move that could pave the way for clearing the transactions in yuan, the Dubai Gold and Commodities Exchange (DGCX) has decided to collaborate more closely with two of the biggest banks in China.

Disclosing this, a statement issued by DGCX said it has agreed with the Industrial and Commercial Bank of China (ICBC) as well as with Agricultural Bank of China’s DIFC branch to cooperate on product development, without elaborating on what yuan products it plans to develop.

Furthermore, ICBC will also extend the required support for the cross-border derivatives business in the Middle East and Asia.