Saudi Arabia and China sign a 3-year agreement for bilateral currency swaps worth 50 billion yuan

The Central Bank of Saudi Arabia and the Central Bank of China signed a bilateral currency exchange agreement for a period of 3 years and a value of up to 50 billion Chinese yuan, and the agreement will be extendable with the approval of both sides.

The statement said that the arrangement, worth up to 50 billion yuan, equivalent to $6.93 billion or 26 billion Saudi riyals, “will help strengthen financial cooperation between the two countries, expand the use of local currencies and enhance trade and investment.”