The commodities and currency derivatives bourse Dubai Gold and Commodities Exchange (DGCX) said here Thursday that Bank of China was appointed as a settlement bank for Dubai Commodities Clearing Corporation (DCCC), a subsidiary of DGCX, United Arab Emirates (UAE) state news agency WAM reported.
DCCC has expanded its network of settlement banks to five with UAE’s first lender Emirates NBD, Standard Chartered, HSBC, Bank of Baroda from India and Bank of China.
Bank of China is the first Chinese bank to be appointed as a settlement bank and would be operating through its Abu Dhabi branch.
Tian Jun, general manager of Bank of China Abu Dhabi branch, said the agreement will accelerate the interaction and collaboration between the derivatives and financial markets of China and the UAE.
In 2014, China, surpassing India, became the biggest trade partner of the UAE as bilateral trade hit nearly 50 billion U.S. dollars.