Bank of China has been appointed as a settlement bank for Dubai Commodities Clearing Corporation, a subsidiary of Dubai Gold and Commodities Exchange.
This makes Bank of China the first Chinese bank to be appointed as a settlement bank, and the service will operate through its branch in Abu Dhabi.
The move aims to accelerate the collaboration between the derivatives and financial markets of China and the United Arab Emirates.
In 2014, China became the biggest trade partner of the UAE as bilateral trade hit nearly 50 billion US dollars.