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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

China’s Central Bank, European Central Bank renew currency swap deal

The net increase in foreign holdings of domestic bonds reached over $60 billion.
By TRENDS Desk
October 11, 2022 11:56 am
  • The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of the financial market
  • A currency swap sees two parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations

Beijing, China – China’s central bank on Monday said that it has renewed a bilateral currency swap deal with the European Central Bank (ECB), Xinhua News Agency reported.

The deal has a scale of 350 billion yuan (about US$49.3 billion), or 45 billion euros. It will be valid for three years, according to a statement from the People’s Bank of China (PBOC).

The PBOC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of the financial market.

A currency swap sees two parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations.

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