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Saudi Arabia, China sign currency swap agreement worth 50 bn yuan
21 Nov '23
1 min read
Pic: Adobe Stock
Insights
- The Saudi Central Bank and the People's Bank of China have signed a bilateral currency swap agreement worth 50 billion yuan ($6.98 billion), China's central bank recently announced.
- Valid for three years, the agreement can be renewed upon mutual consent.
- It will help strengthen financial cooperation and expand the use of both the currencies.
The Saudi Central Bank and the People's Bank of China have signed a bilateral currency swap agreement worth 50 billion yuan ($6.98 billion or 26 billion Saudi riyals), China's central bank recently announced.
Valid for three years, the agreement can be renewed upon mutual consent, according to a statement issued by the central bank.
It will help strengthen financial cooperation between both sides, expand the use of both the currencies and promote bilateral trade and investment facilitation, a state-controlled media outlet reported.
Fibre2Fashion News Desk (DS)
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