Exclusive | Saudi central bank seeks regular dialogues, closer ties with monetary authorities of mainland China and Hong Kong to spur kingdom’s transformation

Saudi Arabia’s central bank is seeking stronger ties with the monetary authorities of mainland China and Hong Kong, as the kingdom prepares to transition from an oil-dependent economy to one focused more on infrastructure development and attracting foreign capital.

The Saudi central bank (SAMA) is looking to strengthen its connections with the People’s Bank of China (PBOC) via bilateral dialogues, collaborations in multilateral forums, as well as partnerships in international organizations, said its governor Ayman bin Mohammed Al-Sayari.

Bilateral dialogues can help the two nations foster mutual understanding by providing a platform to exchange “views, experiences, and policy insights,” the governor said in an emailed interview with South China Morning Post, calling on central bankers on both sides to engage in dialogues at various levels, including high-level meetings and working groups.

The governor said the two central banks can also engage in multilateral forums such as the Group of 20 nations (G20). “By adopting a collaborative and constructive approach in these forums, the two central banks can work together to address shared challenges and promote joint initiatives,” he said.

A “cooperative and consensus-driven approach” will allow Saudi Arabia and China to “advocate reforms and initiatives that address the needs of emerging and developing economies,” he said.