Bank of China to start operations in Riyadh this year

In yet another sign of increasing cooperation between the world’s second-largest economy and the Arab world, the Bank of China is set to open its first branch in Riyadh later in 2023, reported Asharq.

It quoted Jun Tian, head of the team for the launch, as saying that the bank’s branch in the Saudi capital is expected to begin operations by the end of October or at the beginning of November.

Jun told Asharq that the bank aims to introduce Chinese currency to the world and hoped yuan would be used in commercial financial transactions between China and Saudi Arabia as well as the entire Arab region.

The development comes on the heels of the 10th Arab-China Business Conference that concluded in Riyadh on Monday. The event aimed at boosting economic cooperation between the Arab world and China.

The bank official said as many Chinese companies are entering the regional markets, using the yuan in their financial dealings with regional partners will further encourage them to invest in the region.