China, Saudi Arabia Sign Local Currency Swap Agreement, Adding to De-Dollarization Effort | HNGN [Video]

China’s diplomatic efforts in the Middle East have gained significant attention with the meeting held in Beijing on Monday.

The gathering brought together foreign ministers from several critical Middle Eastern nations, including Saudi Arabia, Egypt, Jordan, the Palestinian Authority, and Indonesia, as per Fox News.

China’s Diplomatic Moves in the Middle East

The primary objective of this meeting was for China to exert its influence and contribute to resolving the Israel-Hamas conflict in Gaza. Chinese Foreign Minister Wang Yi welcomed the foreign diplomats, emphasizing the high level of trust these nations have placed in China.

Wang Yi underscored China’s commitment to its role as a friend and brother to Arab and Islamic countries, emphasizing its consistent support for the legitimate rights and interests of these nations and the just cause of the Palestinian people.

During this diplomatic gathering, one significant development was the signing of a local currency exchange agreement between the Saudi Central Bank and the People’s Bank of China (PBC). This …