China, Oman sign $4.5B currency swap deal to strengthen financial ties

The central banks of China and Oman signed a five-year currency swap agreement worth 30 billion yuan ($4.5 billion) against 1.5 billion Omani rials, China’s central bank said Tuesday, Anadolu reports.

People’s Bank of China Governor Pan Gongsheng and his Omani counterpart, Ahmed bin Jaafar Al Musalmi, signed the agreement Monday in Beijing during Omani Sultan Haitham bin Tariq’s state visit to China.

The signing ceremony was attended by Chinese President Xi Jinping and the Omani sultan.

The two central bank governors also signed a memorandum of understanding on digital payments and central bank digital currencies.

The Chinese central bank said the agreements would deepen monetary and financial cooperation, facilitate cross-border digital payments and help maintain financial market stability.

Al Musalmi said the currency swap arrangement would support Oman’s economic development by strengthening financial stability.

He added that the separate memorandum would enable the two central banks to exchange expertise on digital currencies.

China remains Oman’s largest trading partner

China was Oman’s largest trading partner in 2025, accounting for 23.8% of the country’s total trade, according to Oman’s Foreign Ministry.

Bilateral trade between the two countries totaled approximately 9.6 billion Omani rials that year.
Of that amount, Omani exports to China accounted for 7.7 billion rials, according to the ministry.

READ: China urges against military escalation as Iran says ‘ball in America’s court to prevent war’