New chapter for RMB in the Middle East

China has outlined to advance the internationalization of renminbi (RMB) in the key recommendations document of its 15th Five-Year Plan. The Middle East, as a fast-growing emerging market, is seeing rising demand for the currency as Gulf countries intensify economic and financial cooperation with China.

The Agriculture Bank of China's Dubai Branch (AgBank), the first RMB clearance bank in the United Arab Emirates (UAE), is at the forefront of this trend. As of 2025, the cumulative volume of RMB cleared by the branch has exceeded 900 billion yuan ($126.5 billion) since its establishment in 2016, with more than 200 billion yuan cleared in 2024 alone.

Besides the AgBank, the First Abu Dhabi Bank has recently become the second RMB clearance bank in the UAE, and the first local bank in the region to gain authorization from China's central bank. This move will further boost RMB's usage in the Middle East as it allows more efficient RMB settlement and broader access of the currency for clients in the region.

In the first nine months of this year, cross-border RMB receipts and payments between China and the UAE reached 864 billion yuan, according to the central bank data. As the two countries aim to increase bilateral trade to $200 billion, there remains vast potential for RMB usage in the future.