The Central Bank of the United Arab Emirates proposes to establish a currency swap mechanism with the United States

According to a report by Dongxin News Agency, during a meeting with officials from the US Treasury Department and the Federal Reserve in Washington, the governor of the Central Bank of the United Arab Emirates proposed the idea of establishing a currency swap mechanism. The UAE’s energy infrastructure has suffered damage, and the blockade of the Strait of Hormuz is affecting oil exports and US dollar revenue. Officials stated that if the supply of US dollars becomes tight, oil transactions may switch to using the Chinese yuan or other currencies.