The UAE may consider diversifying its foreign currency reserves to include China's yuan, but before that, China will have to relax its currency controls, UAE Central Bank Governor Sultan Bin Nasser Al Suwaidi said on Wednesday.
"It depends on the Chin-ese themselves because they are not yet prepared to allow the yuan to be a reserve currency. They have tremendous control over their currency. If China relaxed controls, then that will go to the investment committee of the Treasury Department of the Central Bank and there, they will make the decision," Al Suwaidi told reporters.
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