BRICS: Bank of China opens branch in Saudi Arabia, New World Order

The new BRICS Expansionhas spurreda move of drasticgeopoliticalchanges, the Bank of China opens branch in Saudi Arabia; BRICS members expand use of yuan in cross-border trade. Bank of China (BOC), one of the four largest state-owned commercial banks in China, has opened its first branch in Riyadh, the capital city of Saudi Arabia. This development will further boost the usage of the yuan in financial transactions and international trade. According to the findings of many experts, members of the BRICS bloc have, ever since the BRICS Summit, been ramping up their use of local currency settlements in international trade in an effort to minimise their dependency on the US dollar. According to what they claimed, the Chinese yuan is playing an increasingly crucial role in simplifying commerce and enhancing efficiency among the BRICS countries. According to an announcement that was made public by the BOC on Wednesday, the bank launched its Riyadh branch on Tuesday. In attendance at the inauguration ceremony were BOC President Liu Jin, Chinese Ambassador to Saudi Arabia Chen Weiqing, Governor of the Saudi Central Bank Ayman Al-Sayari, and other officials. According to Liu, the opening of a branch in Saudi Arabia to service trade and investment exchanges is a sound move to boost the high-quality building of the Belt and Road move through the utilisation of the power of finance. This was said by Liu. The bank will continue to improve its worldwide service network and provide high-quality financial services, which will contribute to the deepening of cooperation between China and Arab countries, as well as between China and the Gulf Cooperation Council and China and Saudi Arabia. Ambassador Chen extended his best wishes to the bank on the occasion of the opening of the new branch. He stated that the opening is the product of the ongoing development of friendly relations between China and Saudi Arabia, and that it represents that China highly recognises Saudi Arabia’s financial regulation, investment environment, and the location’s advantages, marking a new level of cooperation between the two countries in the field of finance, which will provide stronger support for bilateral pragmatic cooperation. He also stated that the opening represents that China highly recognises Sa According to Al-Sayari, the formation of the branch is a significant step towards increasing the level of practical cooperation between the two countries and is of utmost importance in terms of broadening the scope of the economic and commercial cooperation between the two nations. The Saudi side will keep supporting and facilitating the growth of Chinese-funded businesses in the Kingdom, including BOC and others. Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, told the Global Times on Wednesday that the opening of a branch in Saudi Arabia can further promote economic and trade cooperation and facilitate exchanges between Saudi Arabia and China. “As a very important emerging market economy that has just joined the BRICS, the opening of the branch in Saudi Arabia can facilitate exchanges between Saudi Arabia and China,“ Wang Peng said. According to estimates in the media, China imported 87.5 million tonnes of crude oil from Saudi Arabia in 2022, making up 21.7 percent of Saudi Arabia’s total crude oil exports. China is the largest consumer of Saudi Arabia’s crude oil. In 2022, China imported crude oil from Saudi Arabia. Companies in Brazil, in addition to those in Saudi Arabia, have made substantial progress in the use of the yuan in commercial transactions. #lineflux #brics #bricssummit #brics2023 #ramaphosa #russia #xijinping #southafrica #geopolitics