With which nation did China recently sign a 'Bilateral Currency Swap Agreement'?
Saudi Arabia
2023 November
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4.25/5 |
A local currency swap agreement was recently signed by the central banks of Saudi Arabia and the People's Bank of China. The agreement is for a total of 50 billion yuan ($6.93 billion) or 26 billion Saudi riyals. It is valid for three years and subject to extension by mutual consent. According to the official announcement, this bilateral currency swap arrangement is expected to strengthen financial cooperation between the two countries, improve the use of local currencies, and promote increased trade and investment.