Bank of China opens new branch in Riyadh

Bank of China (BOC), one of China’s four biggest state-owned banks, opened a new branch in Riyadh on Tuesday. During the ceremony, ACWA Power, Saudi Arabia’s Ministry of Investment, Ajlan & Bros Holding Group and Zhejiang Rongsheng Holding Group signed memorandums of understanding with BOC involving “internationalizing” the yuan and green financing. The bank has also been in discussion with local counterparts to offer panda bonds – yuan-denominated bonds sold by overseas entities in China’s onshore bond market to raise investments in China.