Bank of China (BOC), one of China’s four largest state-owned commercial banks, has opened its first branch in Riyadh, the capital of Saudi Arabia, to expand the use of the yuan and encourage Chinese companies to enter the Saudi market, The Global Times reported.
Experts say that after the BRICS summit, members of the bloc have accelerated the use of local currency settlements in cross-border trade to reduce dependence on the US dollar.
The BOC President Liu Jin said the establishment of a branch in Saudi Arabia to serve trade and investment exchanges is a solid initiative to promote high-quality construction under the Belt and Road Initiative through financial means.