2023/11/25
In a significant strategic move, the Saudi Central Bank SAMA and its Chinese counterpart have signed a bilateral currency swap agreement valued at 50 billion yuan (about 7 billion USD) for a three-year period. This achievement signals a solidification of relations and an increasing financial cooperation between the two nations.
Impact on Financial Stability and Trade: This agreement allows for currency swaps in emergency situations, enhancing financial stability in both countries. It directly supports trade and investment, considering that China is Saudi Arabia's largest trading partner.
Officials' Statements: The Governors of the Saudi and Chinese Central Banks emphasized the importance of this agreement as a key step in enhancing cooperation between the two countries, pointing to the promising prospects it opens.