Saudi Arabia and China sign currency swap agreement worth $6.9bn

The Saudi Central Bank, also known as SAMA, and the People’s Bank of China have signed a local currency swap agreement worth SR26 billion ($6.93 billion) as collaboration between the countries continues to strengthen.

According to SAMA, the three-year agreement “has been established in the context of financial cooperation between the Saudi Central Bank and the People’s Bank of China.”

A separate media release issued by China’s central bank highlighted that the mutual agreement could extend the swap agreement beyond three years.

Source: Arab News