UAE raised short term dollar loan from US, threatened to use Chinese Yuan in oil sales: Report

UAE raised short term dollar loan from US, threatened to use Chinese Yuan in oil sales: Report Submitted by MEE staff on Mon, 04/20/2026 - 18:32 UAE allegedly warned the US that if it was not guaranteed access to US dollars in case of financial crisis it might need to move to Yuan UAE Vice President and Deputy Prime Minister Sheikh Mansour bin Zayed al-Nahyan (R) and the Governor of the UAE Central Bank Khaled Mohamed Balama at a reception in Abu Dhabi on 13 February 2024 (Mohamed AL-HAMMADI / UAE PRESIDENTIAL COURT / AFP) Off The UAE asked the US to provide a financial lifeline to the country in case the US-Israeli war on Iran dented its economy, even as it warned the US it could replace the petrodollar with Chinese Yuan, according to a report in the Wall Street Journal. UAE Central Bank Governor Khaled Mohamed Balama raised the idea of the US providing a currency-swap line to Abu Dhabi with Treasury Secretary Scott Bessent and Federal Reserve officials in a meeting last week, the report said. A currency swap is an agreement between two central banks exchanging currencies.