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.