The People's Bank of China and the Central Bank of the United Arab Emirates renewed a currency swap agreement of RMB 35 billion/AED 18 billion (USD 4.9 billion) in Hong Kong. The two parties also signed a "Memorandum of Understanding on Strengthening Central Bank Digital Currency Cooperation" to Strengthen technical cooperation in the development of central bank digital currencies, promote the provision of liquidity to financial markets in local currencies, and settle cross-border financial and trade transactions in a "more effective and efficient manner."