Bank of China opens first branch in Saudi capital

RIYADH, Sept 06 (Arab News): In a sign of growing cooperation between Saudi Arabia and China, one of the Asian country's four biggest state-owned banks began it operations in Riyadh.

Bank of China opened its first branch in the Saudi capital to expand the use of yuan amid a flurry of trade deals between the two countries.

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.

In June, head of the bank's team for the launch, Jun Tian, told a section of the press 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.