Bank of China to open first branch in Riyadh in November

Logo of Bank of China

Bank of China is working to open its first branch in Saudi Arabia in Riyadh, expecting to start operations by the end of October or the beginning of November 2023, Jun Tian, Head of Team for Launch of New Branch, said.

In an interview with Asharq Business, he explained that the bank aims to introduce the Chinese currency to the world, hoping that the yuan will be used in commercial financial services and financial transactions between China and Saudi Arabia as well as the entire Arab region.

The official pointed out that many countries and central banks uses the yuan in their foreign currency reserves, noting that there is an increasing use of the Chinese currency in various parts of the world. 

He added that the step comes as many Chinese companies are entering the region, pointing out that these companies will be encouraged to sign contracts with their local customers in yuan. The bank's role will be to facilitate the financial clearing process and settling these transactions.