Bank of China opened a branch in Saudi Arabia – Kommersant
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Bank of China, one of China’s four largest state-owned commercial banks, opened its first branch in the Saudi capital of Riyadh. Global Times notes that after the BRICS summit, members of the bloc began to increase the use of settlements in local currencies in cross-border trade in order to reduce dependence on the dollar.
The opening of the Bank of China branch in Riyadh was attended by the President of the credit institution, Liu Jin, the Chinese Ambassador to Saudi Arabia, Chen Weiqing, and the Chairman of the Central Bank of Saudi Arabia, Ayman Al-Sayari. Liu Jin noted that the presence of a Chinese bank in Saudi Arabia will increase the use of the yuan in trade settlements with countries included in the One Belt, One Road initiative.
August 22, Russian Finance Minister Anton Siluanov (Russia, like China, as well as Brazil, India and South Africa, is part of BRICS) saidthat the BRICS countries can create a single unit of account, alternative to the dollar, in which the cost of commodity supplies will be expressed. However, South African Sherpa in the association Anil Suklal noted that the creation of a single BRICS currency is a long-term project, and in the near future it is necessary to arrive at payments in national currencies using systems outside the Western ones.
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