China and Saudi Arabia Sign Currency Swap Worth $7 Billion.

China and Saudi Arabia have signed a currency swap agreement worth $7 billion, signaling a deepening of their economic ties. The deal allows for the exchange of up to 50 billion yuan or 26 billion riyals over a three-year period. This move reflects China's efforts to promote the use of the yuan in transactions with major energy and commodity exporters, while Saudi Arabia seeks to diversify its economy away from petroleum. The agreement is part of a broader trend of countries in the Middle East and emerging markets shifting away from the US dollar in their non-oil trade. [Extracted from the article]