The United Arab Emirates (UAE) has signed an agreement with China to set up a clearing hub for the Chinese currency Yuan or Renminbi (People's money), local UAE media reported on Sunday. In 2014, China, surpassing India, became the biggest trade partner of the UAE as bilateral trade hit nearly 50 billion dollars. Government officials estimate bilateral trade to have surpassed $60billion in 2015.Now, more than 4,000 Chinese firms run branches in the UAE, among them the four biggest Chinese lenders ICBC, China Construction Bank, Agricultural Bank of China and Bank of China. Over 300,000 Chinese citizens reside in the Gulf Arabian state.