The Central Banks of China, Saudi Arabia, and Saudi Arabia signed a bilateral local currency swap agreement

Cailian News Agency, November 20 (Xinhua) - With the approval of the State Council, the People's Bank of China and the Central Bank of Saudi Arabia recently signed a bilateral local currency swap agreement with a swap scale of 50 billion RMB/26 billion Saudi Riyals. The agreement is valid for three years and can be extended upon mutual agreement.

The establishment of a bilateral currency swap arrangement between China and Saudi Arabia will help strengthen financial cooperation between the two countries, expand the use of local currencies between China and Saudi Arabia, and promote trade and investment facilitation.

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