OREANDA-NEWS The People's Bank of China (Central Bank) and the Central Bank of Saudi Arabia have signed a bilateral agreement on currency exchange. This is reported by the Xinhua news agency with reference to the statement of the press service of the Chinese regulator.

As follows from the agreement, the volume of the transaction is 50 billion (about seven billion dollars). The contract will be valid for three years and can be extended by mutual agreement of the parties.

According to the press service of the Chinese Central Bank, it is expected that this deal will strengthen financial cooperation between China and Saudi Arabia, expand settlements in national currencies between the two countries and contribute to the simplification of bilateral trade and investment procedures.