Chinese, Saudi central banks ink swap deal

By Tuba Ongun

ANKARA (AA) – Central banks of China and Saudi Arabia has recently signed a currency swap deal worth of 50 billion yuan or 26 billion Saudi riyals ($6.93 billion), the People's Bank of China said on Monday.

The agreement is valid for three years and can be extended on the both parties' consent, according to a statement from the Chinese central bank.

The deal will help strengthen financial cooperation, ​​​​​​​expand the use of local currencies, and promote trade and investment facilitation between the two countries, the statement said.