The Saudi Central Bank and the Chinese Central Bank signed a bilateral currency swap agreement for three years, worth up to 50 billion Chinese yuan (about 7 billion dollars).

The signing of this agreement comes within the framework of financial cooperation between the two central banks, reflecting the strengthening of relations between them in areas of common interest, according to the Saudi Press Agency "SPA".

At the end of last year, the "Wall Street Journal" reported that Saudi Arabia, the world's largest oil exporter, is considering accepting the Chinese yuan instead of the dollar in oil sales to China.

Experts believe: "If Saudi Arabia abandons pricing oil in dollars and moves towards the yuan, this will deal a blow to the dollar threatening to break its dominance," and the seriousness of this matter lies in the fact that China is among the largest importers of oil and gas in the world while Saudi Arabia is the largest exporter of it.

(Dollar = 7.1665 Chinese yuan as of November 20, 2023)