In recent years, China has been inMiddle EastThe influence of the region is growing. Especially inSaudi ArabiaAfter rapprochement with Iran, China withMiddle EastThe relationship between the countries is more intimate. That's inMiddle EastThe foreign ministers have been best proof of this as soon as they left. People's Bank of ChinawithMiddle EastThe country has signed a series of bilateral currency swap agreements and reached a situation of in-depth cooperation.
ChinaCentral bankswithSaudi ArabiaCentral banks50 billion signedRMBAs soon as the bilateral local currency swap agreement was announced, it received a lot of attention. This agreement provides great convenience between the two countries, as well as for the two countriesEconomyDevelopment has injected new impetus. And now,People's Bank of ChinaIt also renewed the agreement with the ** Bank of the United Arab Emirates for an amount of 35 billion yuanRMBThe bilateral currency swap agreement has further consolidated the cooperative relationship between China and Argentina.
A bilateral currency swap agreement is a special agreement signed between the banks of the two countries. Under this agreement, either party has the right to exchange a certain amount of its own currency for the equivalent of the other party's currency, and at the same time is required to pay the corresponding interest as compensation for the right to use the currency. Such agreements are very conducive to circumventionForex marketFluctuations cause losses in the value of currencies at the same time, both countriesEconomyOne of the important means of cooperation.
The signing of the bilateral currency swap agreement is not only to enhance the facilitation between the two countries, but also to reflect the relationship between China and ChinaMiddle EastIn-depth development of relations between countries.
First of all, China withMiddle EastRelations between countries are getting closer. This is not only reflected in:Economycooperation in the field also includes many aspects such as politics and culture. Middle EastThe state asOilA big country in terms of resources, with ChinaEnergyThe fields are naturally complementary. Through dialogue and cooperation, the two sides are inOil, natural gas, nuclear energy and other fields have achieved fruitful results. Through the signing of bilateral currency swap agreements, it was deepenedMiddle EastThe state of ChinaEconomyTrust has laid a solid foundation for deeper cooperation.
Secondly,Middle EastThe nation's distrust of the United States has deepened. Over the past few decades,Middle EastThe country has always relied on the US dollar for ** settlements andEnergyOutlet. However, due to the unilateralist behavior of the United States and its unreliable policy performance,Middle EastThe country began to seek diversified settlement methods to reduce its dependence on the United States. China is the second largest in the worldEconomybody,RMBofInternationalThe degree of industrialization is constantly improving, which is forMiddle EastThe state offers a good alternative.
The United States and India are against ChinaMiddle EastThe country expressed its dissatisfaction with the signing of a bilateral local currency swap agreement. The United States is trying to stopMiddle EastThe country's cooperation with China has even forced the UAE to choose between China and the United States in the form of sanctions. However, the UAE is determined not to be defined by great power competition, nor will it sacrifice ties with other countries for the sake of developing relations with the United States. The UAE has made it clear that it wants to achieve a win-win situation through cooperation, rather than getting involved in a feud between major powers.
India is also interested in ChinaMiddle EastRegional influence is dissatisfied. Since India's export market share is very limited, its influence is not significant enough to promoteRupeeInternationalEfforts to become more difficult are facing great difficulties. At the same time, the Reserve Bank of India (RBI) is trying to expandRupeeInInternationalbut limited by factors such as some convertible currencies and interventions.
Recently, however, India has started to use itRMBBuy from RussiaOilThis act shows that China is inRMBInternationalSuccess. Whether the United States and India are willing to accept it or not,RMBIts use in the settlement of transactions has become a reality. China needs to keep pushingRMBInternationalas more and more people believe that "de-dollarization" is imperative and that credit in the United States is being eroded dramatically.
In the context of global multipolarization, competition and confrontation will only hurt both sides, and cooperation is a win-win choice. China withMiddle EastCooperation between countries will further promote regional stability and prosperity for the worldEconomyThe development of new impetus. However, China should also remain calm and cautious to avoid undue interference and strife in regional affairs.