The Education University of Hong Kong banner

China Daily

News> Business> Content
Published: 19:49, November 20, 2023
China, Saudi Arabia sign currency swap agreement
By Xinhua
Published:19:49, November 20, 2023 By Xinhua

This undated file photo shows an exterior view of the People's Bank of China in Beijing, capital of China. (PHOTO / XINHUA)

BEIJING — The People's Bank of China and the Saudi Central Bank have signed a bilateral currency swap agreement, China's central bank said Monday.

The total value of the currency swap agreement is 50 billion yuan (about $6.98 billion), or 26 billion Saudi riyals, the central bank said in a statement on its website.

READ MORE: ECB, PBOC extend currency swap deal for 3 years

The agreement is valid for three years and can be renewed upon mutual consent, according to the statement.

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

Share this story

Please click in the upper right corner to open it in your browser !