BRICS: China & Saudi Arabia Sign $7 Billion Currency Swap Deal

BRICS: China & Saudi Arabia Sign $7 Billion Currency Swap Deal

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BRICS members China and Saudi Arabia have kick-started the de-dollarization efforts by keeping the US dollar out for cross-border transactions. China and Saudi Arabia officially signed a $7 billion currency swap deal that favors their local currency the riyal and yuan. The three-year agreement…

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