The People’s Bank of China and the Saudi Central Bank recently signed a local currency swap agreement worth 50 billion yuan ($6.93 billion) or 26 billion Saudi riyals, both banks said as bilateral relations continued to gather momentum.
The swap agreement, which will be valid for three years and can be extended by mutual agreement, “will help strengthen financial cooperation… expand the use of local currencies… and promote trade and investment,” between Riyadh and Beijing, the statement from China’s central bank said.