English>

Market News

China and Saudi Arabia central banks sign local currency swap agreement - REUTERS

NOVEMBER 20, 2023

BEIJING, Nov 20 (Reuters) - The People's Bank of China and the central bank of Saudi Arabia recently signed a local currency swap agreement, China's central bank said in a statement on Monday, which will be valid for three years and can be extended by mutual agreement.

Worth 50 billion yuan ($6.93 billion) or 26 billion Saudi riyals, "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 ... and promote trade and investment," the statement read.


($1 = 7.2111 Chinese yuan)

Reporting by Joe Cash; Editing by Jacqueline Wong

SEE HOW MUCH YOU GET IF YOU SELL

NGN
This website uses cookies We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services
Real Time Analytics