China and Saudi Arabia Seal $7 Billion Currency Swap Agreement

China and Saudi Arabia signed a local-currency swap agreement worth around $7 billion, deepening their ties as countries across the Middle East and emerging markets look to shift more of their non-oil trade away from the dollar.

The nations’ central banks agreed on a three-year deal for a maximum of 50 billion yuan or 26 billion riyals, according to statements on Monday. China, which has been promoting the yuan’s use in transactions with major energy and commodity exporters, is Saudi Arabia’s biggest trade partner.

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