Saudi Central Bank and China's Central Bank Ink Three-Year Currency Swap Agreement
Riyadh, November 20, 2023, The Saudi Central Bank (SAMA) has formalized a significant financial collaboration by signing a three-year currency swap agreement with the Central Bank of China. Under this agreement, the swap's maximum value is 50 billion Chinese yuan.
This strategic initiative reflects the commitment of both central banks to enhance their financial cooperation and strengthen collaborations based on mutual interests. The currency swap agreement is expected to contribute to the economic ties between Saudi Arabia and China, fostering increased financial stability and facilitating trade and investment between the two nations.