With the approval of the State Council, the People’s Bank of China (PBOC) and the Saudi Arabian Monetary Authority (SAMA) recently signed the bilateral currency swap agreement. The size of the agreement is RMB50 billion (SAR26 billion). The agreement is valid for three years and can be renewed upon mutual consent.
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 between China and Saudi Arabia, and facilitate trade and investment between the two sides.
Date of last update
Nov. 29 2018
