Beijing November 20 2023: The Saudi Central Bank (SAMA) and the People's Bank of China have signed a three-year agreement to establish a bilateral currency swap arrangement. The maximum value of the swap is 50 billion Chinese yuan.
The agreement has been established in the context of financial cooperation between the Saudi Central Bank and the People's Bank of China, reflecting the strengthening collaboration between the two central banks.
Saudi Arabia, the world's top oil exporter, and China, the world's biggest energy consumer, have worked to take relations beyond hydrocarbon ties in recent years, expanding collaboration into areas such as security and technology.
China imported $65 billion worth of Saudi crude in 2022, according to Chinese customs data, accounting for about 83% of the kingdom's total exports to the Asian giant.