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Currency swap deal to boost China's apparel exports to Saudi Arabia

China has been actively and assertively promoting its currency despite not having a fully open capital account. These efforts have proven successful thus far. Drawing on the lessons from Russia, where accounts were frozen following the Ukraine conflict, China is making strategic moves to decrease dependence on the US dollar by encouraging currency swaps globally. A significant step in this direction is to incorporate Saudi Arabia, one of the largest oil exporters, into the currency swap arrangement. This move aims to enhance the resilience of trade relationships and mitigate risks associated with the dominance of a single currency*F*F*F">.

Currency swap agreements