Choice of the kingdom highlights deepening financial ties between the two countries
China has picked Saudi Arabia as the venue for its first sale of US dollar sovereign bonds in three years, underlining its backing for the oil-rich kingdom’s bid to become an investment hub. China’s State Council, or cabinet, approved the issuance of up to $2bn in dollar debt in Riyadh next week, the country’s finance ministry said on Tuesday, with details to be announced later. Beijing has traditionally issued US dollar bonds in Hong Kong.
Although Russia overtook Saudi Arabia as Beijing’s main oil supplier last year, the kingdom still exports much of its crude to China, earning dollars that it can then park in financial assets. “Given the increasing oil export to China from Saudi, Saudi can put the dollars earned into dollar denominated Chinese sovereign bond,” the banker added.
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