China and Saudi Arabia set up currency swap line

Three-year swap line will provide liquidity to both sides of up to $6.98 billion

The People’s Bank of China, Beijing
The People's Bank of China

The central banks of China and Saudi Arabia have set up a bilateral currency swap agreement, they announced today (November 20).

In a separate move today, the People’s Bank of China (PBoC) kept its two key policy rates unchanged, in line with market expectations.

The swap line will allow both central banks to exchange up to 50 billion yuan ($6.98 billion) or 26 billion Saudi riyals ($6.93 billion). The arrangement will be valid for three years and can be extended with the agreement on both

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