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China, Saudi Arabia Sign Currency Swap Agreement

MNI (Singapore)

The People’s Bank of China and the Saudi Central Bank have signed a bilateral local currency swap agreement worth CNY50 billion or 26 billion Saudi riyals, according to a statement on the PBOC website. This will help strengthen financial cooperation, expand the use of local currencies and promote trade and investment facilitation between the two countries. The agreement is valid for three years and both parties can consent to extended it, the statement said.

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