The two countries’ central banks have agreed on a three-year deal for a maximum of 50 billion yuan or 26 billion riyals, according to their separate statements on Monday. China, which has been promoting the yuan’s use in transactions with major energy and commodity exporters, is Saudi Arabia’s biggest trade partner.
The swap arrangement will “help strengthen financial cooperation” and “facilitate more convenient trade and investment” between the two countries, the People’s Bank of China said in a statement. The Saudi central bank made similar comments.
The deal is the latest sign of strengthening relations between Beijing and Riyadh.
The swap arrangement will “help strengthen financial cooperation” and “facilitate more convenient trade and investment” between the two countries, the People’s Bank of China said in a statement. The Saudi central bank made similar comments.
The deal is the latest sign of strengthening relations between Beijing and Riyadh.
China and Saudi Arabia sign a $7 billion currency swap agreement, adding to de-dollarization push
- China and Saudi Arabia signed a currency swap agreement worth around $7 billion.
- It's yet another push towards dedollarization as countries attempt to wean off use of the greenback.
- China's o
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