DUBAI, Feb. 1 (Xinhua) -- Dubai Gold and Commodities Exchange (DGCX), the biggest diversified derivatives bourse in the Middle East, said Thursday trading of Chinese currency yuan witnessed a substantial year-on-year increase of 721 percent.
The DGCX, an electronic commodity and currency derivatives exchange with over 200 members from across the globe, launched Chinese yuan futures in 2015.
Following signing of a deal between the DGCX and the Shanghai Gold Exchange (SGE), the exchange also added the Shanghai Gold Futures Contract to its list of products available for trading on March 10, 2017.
In 2014, China replaced India as Dubai's biggest trade partner and has maintained the lead since then.
Two-way trade in 2016 reached 46.3 billion dollars, according to UAE state news agency WAM. Approximately 300,000 Chinese nationals live in the UAE, while over 4,000 Chinese businesses run branches in the Gulf state. The UAE's international carrier Emirates Airlines said it plans to increase the number of destinations it serves in China from the current five by this year.
DGCX also announced that its trade in January surged 40 percent from last year with 1,909,488 lots traded, at a total value of 47 billion dollars.
Gaurang Desai, CEO of DGCX, said "the growth in volumes and Open Interest in many of our contracts proves a growing market and confidence in the exchange."
