China and Saudi Arabia sign a deal to exchange currencies. China’s central bank announced on Monday that the People’s Bank of China and the Saudi Central Bank had inked a bilateral currency swap agreement.
The central bank stated in a statement on its website that the currency swap agreement is worth a total of 50 billion yuan, which is equivalent to 6.98 billion US dollars or 26 billion Saudi riyals.
According to the statement, the agreement is good for three years and may be extended with mutual consent.
According to the statement, the currency swap agreement will facilitate bilateral trade and investment, increase the use of Saudi Arabian and Chinese currencies, and improve financial cooperation between the two nations.
China and Saudi Arabia sign a deal to exchange currencies.