Saudi Arabia, China sign currency swap agreement worth 50 bn yuan

21 Nov 23 1 min read

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.

Advertisement

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)

Disclaimer - All News/Articles items are subject to copyright and no article either in full or part may be reproduced in any form without permission from Fibre2Fashion Pvt. Ltd.

Latest News

Category Tags

TextileApparel Fashion RetailE-commerce TechnologySustainability View More

Popular News

Apparel
SU.RE, British Council partner to promote sustainability in fashion
Textiles
ICE cotton prices surge amid crop concerns & weaker US dollar
Textiles
China's fabric exports rise in Q1 2024; Vietnam leads as top market
Textiles
Euro area inflation expectations hit lowest since 2021: ECB survey
Textiles
Cotton sowing in north India may drop amid pest concerns, crop delayed
Textiles
AkzoNobel plans closure of sites in Netherlands, Ireland & Zambia