The People's Bank of China announced in a statement on Monday that it has recently signed an agreement for local currency swaps with its Saudi counterpart. The agreement will be valid for three years and can be extended upon approval from both sides. The statement mentioned that the arrangement, valued at 50 billion yuan ($6.93 billion) or 26 billion Saudi riyals, "will help enhance financial cooperation between the two countries, expand the use of local currencies, and promote trade and investment."
Agreement between Central Banks in Saudi Arabia and China
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