50 billion yuan currency swap agreement signed between China and Saudi Arabia

The People's Bank of China, the country's central bank, said on Monday that it had signed a local currency swap agreement with the Saudi Central Bank at a size of 50 billion yuan ($6.97 billion) or 26 billion Saudi riyals, valid for three years.

Establishing the bilateral local currency swap will help strengthen financial cooperation between the two economies, expand the use of local currencies in bilateral transactions and facilitate trade and investment, the PBOC said in a statement.