The Saudi Central Bank and its Chinese counterpart signed a 3-year bilateral currency exchange agreement worth up to RMB 50 billion ($7 billion).
The Saudi Central Bank stated in a tweet on its official page on the platform “X” that the signing of this agreement comes in the context of cooperation between the two central banks, reflecting the strengthening of relations between them in areas of mutual interest.
Saudi Arabia, the world’s largest oil exporter, and China, the world’s largest energy consumer, have sought in recent years to broaden cooperation beyond hydrocarbon connections, focusing on sectors such as security and technology.
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