Complex Made Simple

UAE may buy Chinese currency

The UAE Central Bank is considering buying Chinese assets as it seeks to diversify some of its foreign exchange reserves away from the US dollar, The National has reported. At present almost all the regulator's Dhs183.1bn ($49.85bn) of foreign currency assets are denominated in dollars. "It's an interesting thing to watch," Rachel Ziemba, a senior analyst at Roubini Global Economics said. "If nothing else, it's a diversification and would make sense from the point of view that China in future will have a larger share of the global economy."