The UAE and China have extended their currency swap deal and agreed to work together in the development of digital currencies. The Central Bank of the UAE and the People’s Bank of China signed on Tuesday a new pact to renew for another five years the currency swap agreement between the two countries, which has a nominal value of AED18 billion ($4.9 billion), the UAE regulator confirmed in a statement. The renewal seeks to boost financial and trade cooperation between China and the UAE. The two parties also signed a memorandum of understanding to boost cooperation in the development of central bank digital currencies. ... (full story)