Valid for three years, the agreement can be renewed upon mutual consent, according to a statement issued by the central bank.
The Saudi Central Bank and the People’s Bank of China have signed a bilateral currency swap agreement worth 50 billion yuan ($6.98 billion), China’s central bank recently announced.
Valid for three years, the agreement can be renewed upon mutual consent.
It will help strengthen financial cooperation and expand the use of both the currencies.
It will help strengthen financial cooperation between both sides, expand the use of both the currencies and promote bilateral trade and investment facilitation, a state-controlled media outlet reported.
Fibre2Fashion News Desk (DS)