The UAE Central Bank proposes to establish a currency swap mechanism with the United States

According to Dongxin News Agency, the Governor of the UAE Central Bank proposed the idea of establishing a currency swap mechanism during a meeting with officials from the US Treasury and Federal Reserve in Washington. The energy infrastructure in the United Arab Emirates has been damaged, and the blockade of the Strait of Hormuz has affected oil exports and US dollar revenue. Officials said that if the supply of US dollars is tight, they may switch to using Chinese yuan or other currencies for oil trading.