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Chinese, Saudi central banks sign currency swap worth $7 billion
Fahad Abuljadayel and Yujing Liu
via Yahoo News, Sunnyvale, California
Monday, November 20, 2023
China and Saudi Arabia have signed a local-currency swap agreement worth around $7 billion, deepening their ties as countries across the Middle East look to shift more of their non-oil trade away from the dollar.
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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 today. 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. ...
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