Ever since ties were established in 1984, China and the United Arab Emirates have enjoyed continued financial cooperation. The Gulf country has been China's largest export market and second largest trading partner in the Arab region for several years. CGTN's Omar Khan brings us more on how financial cooperation and RMB internationalization, are being facilitated through the two countries' partnership.

Being the first Arab nation to establish a strategic partnership with China, the UAE is becoming increasingly integral in the process of the RMB's internationalization.

The country is also seeking to further participate in the China-led Belt and Road Initiative, while expanding financial services to the region and beyond.

But for Calvin Fu, the China Chief Representative of Abu Dhabi Global Market, it's the UAE's potential to bring China's currency to the global forefront, that stands out the most.

CALVIN FU CHINA CHIEF REPRESENTATIVE, ABU DHABI GLOBAL MARKET "Abu Dhabi as the capital of the UAE has been dedicated to constructing itself as a financial center to serve Belt and Road projects in North and East Africa. Also, through our efforts we hope to build ourselves into a RMB offshore clearing center for North and East Africa, after Hong Kong and London. This will deepen cooperation between China and the UAE in the fields of finance, economics, and investment."

Fu also sees the UAE as one of the most stable countries in the region. He says with stability comes opportunity, and that's exactly what the RMB needs in order to become a more widely used currency.

This undoubtedly jibes well with China; as more trade is done using the Chinese currency, the UAE can take on a greater role. As the partnership deepens, Chinese financial institutions will also be able to become more involved in the region.

CALVIN FU CHINA CHIEF REPRESENTATIVE, ABU DHABI GLOBAL MARKET "Abu Dhabi's economic growth is strong. Abu Dhabi is trying to diversify its economic structure and become less dependent on the energy sector. A key point of the Abu Dhabi Economic Vision 2030 is regionalization and a continued move towards a diversified economy. A huge amount of capital and wealth will be circulated. Hopes are that global leading institutions, especially Chinese ones, can help manage the wealth in the UAE market. This will inevitably involve RMB internationalization."

Economic cooperation between the two countries has long been strong. The number of Chinese tourists to the UAE hit an all-time high in 2017, with a million visitors traveling to the Middle Eastern country, while trade volume between the two countries has risen to just over 50 billion US dollars in recent years.

With Chinese President Xi Jinping now on a state visit to the Emirates, there's hope that meetings between the two countries' leaders will bring substantial progress and allow for a new stage of cooperation to emerge. Omar Khan, CGTN.